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
Countdown to Brexit. Based on data from Sky news.
Current goings on in Brexit
Since our last update Mrs May attended a further EU summit, the outcome of which was that Brexit Day has been delayed until October 31. In the early hours of 11th April EU27 leaders finally hammered out a compromise deal to extend the Article 50 process for a further six and a half months, so removing the cliff edge which had been looming for April 12th. The extension (to Halloween!) is longer than the three months requested by Theresa May and pushed by French President Emmanuel Macron; but shorter than the 12 months favoured by other EU leaders. It can still be cut short at any time, if the Westminster manages to ratify a Brexit deal.
The possible political outcomes currently remain extremely wide and include:
Revoking Article 50
Delaying Article 50 (Standstill Agreement) No-deal Brexit May’s Withdrawal Agreement Renegotiation of Withdrawal Agreement
Of the potential outcomes still on the table for the final point (above) these are some of the solutions being considered:
Adding a Customs Union to May’s Withdrawal Agreement (with/without a say on future EU trade deals)
Joining EFTA (so in single market) with/without Customs Union
The Government are still meeting with Her Majesty’s Opposition to try to create a compromise deal that can pass through Westminster, but as time passes it becomes increasingly clear that that Parliament as currently configured having been unable to deliver Brexit, will continue in this vacuum until there is either a referendum, or a general election changes the configuration.
We will issue a further update when the position becomes clearer. At this stage an analysis of the impact on food markets of the multiple outcomes is not viable, and we will update this as well as and when the position changes.
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.
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.
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.
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.
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.