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Are you ready for Brexit? Prestige Purchasing can help your business through Brexit, regardless of what is in store for supply chain

Countdown to Brexit. Based on data from Sky news.

Current goings on in Brexit

Brexit - the politics and the economics - update 2nd August

Since our last update Theresa May has resigned as Prime Minister, and Boris Johnson was elected by the Tory Party to replace her. He has now formed his own Cabinet and has set about taking the UK out of the EU by October 31st “come what may”.

As a result, the prospect of a “no-deal” Brexit has increased, as the government seeks to strengthen its hand in negotiations with the EU. Time looks extremely tight to hit the 31/10 deadline, and parliamentary opposition to a no-deal exit is considerable.
Since the change of leadership, the Pound has continued to soften, particularly following the result of the Brecon and Radnorshire by-election result that saw the government’s parliamentary majority cut to just one after the seat was taken off the Conservatives by the Liberal Democrats.

The prospect of a snap General Election before 2019 is out is therefore high, and the political uncertainty posed by another vote is likely to keep Sterling on the back-foot for the foreseeable future.

The continuing weakening of the currency, though good for exports, will fuel food and drink inflation in the early part of 2020, even if a deal (or a further delay) occurs. Each 1% fall in the value of sterling puts about 0.4% onto FPI food inflation.
The Chancellor Sajid Javid has announced £1.1bn to prepare critical areas for Brexit and said a further £1bn was available “to enhance operational preparedness this year if needed”.

But both the Road Haulage Association (RHA) and Freight Transport Association (FTA) have suggested that the spending will be too little and too late to avoid large scale supply chain pain.

8 things we can help you do before Brexit

1. Review supply chain completely

We help you understand what you spend, what products you buy, where they come from, and who your suppliers are. Prestige Purchasing can help you build even stronger relationships with them, and understand the challenges that Brexit may bring for them, in order to be agile and flexible.

2. Assess potential impacts

Helping you recognise the impacts that Brexit may have on each area of your business.

3. Examine supplier agreements

We help you look carefully at the length of your contracts and the consequences of break clauses. If appropriate we can assist with a review of currency hedging and multi-sourcing. Prestige Purchasing can help you examine future commercial strategy in the light of possible Brexit scenarios.

4. Create a risk log

We help you understand and prioritise based upon the likelihood and impact of risks, and make an initial assessment of how you will mitigate the impacts if the risk materialises. We research Brexit based issues such as potential impacts upon availability/cost/quality, staying in touch with developments and updating plans accordingly.

5. Calculate key exposures

Prestige purchasing can help you understand your key exposures and calculate risk within your supply chain.

6. Communicate

Brexit impacts will not just impact supply chain. We help you build cross-functional teams to monitor the situation and include risk management colleagues, compliance, financial, legal, operational, sales and marketing teams.

7. Collaborate

We help you develop a list of credible sources and arm yourself with data and timely, regular information. Keep stakeholders regularly informed, remaining clear and transparent about the implications.

8. Workshops

Prestige are here to help and support you through the Brexit process.

We run workshops for a number of clients to help them map their process, and prepare for Brexit.

If you would like support in guiding your business through Brexit, please get in touch via the form below.

In other Brexit news...

Preparing for Brexit


Watch our video on how Brexit will affect the Foodservice and Hospitality sector, or “8 things to do before Brexit” list below.

Prestige Purchasing on Vimeo.

Brexit Support Services

Are you ready for Brexit? Prestige Purchasing can help your business through Brexit, regardless of what is in store for supply chain.

Prestige Purchasing provide a portfolio of services designed for both large and small businesses, individually tailored to fully support your team in adding value through your supply chain providing the resource, skills and flexibility required to get the job done.

Enquire now to see how we can help

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