With businesses across the country looking to prepare for the potential effects of a hard Brexit, one company has invested in £700,000 worth of insurance stock to ensure they have exactly what they need for the foreseeable future.
A recent survey found a surge in the number of companies considering relocating abroad to elsewhere within the EU in order to accommodate a hard Brexit. The British Chamber of Commerce has also stated that thousands of UK firms are also stockpiling goods to deal with the potential worst effects of Brexit.
Kite has carried out extensive risk assessments across its supply base and decided to stockpile 700 pallets of the most vulnerable lines. This is where employee-owned business, Kite Packaging, is implementing its strategic plan with international manufacturing partners by purchasing the £700,000 worth of inventory in order to secure its stock levels ready for Brexit. Companies and organisations throughout the UK are anticipating the repercussions that Brexit will create, including extra costs and changes in compliance, business structure and trade.
In the face of such uncertain times, businesses have been left with no choice other than to divert time and resources to Brexit, important elements that could have been dedicated to other pivotal strategies such as future growth.
Preparing for a no-deal Brexit means the realisation of compromised stock levels as sourcing international product will become more challenging within the parameters of UK business.
This investment is another example of Kite’s market leading approach, which will inevitably put the business in good stead for the coming months of unfamiliar territory where stock may well have limited availability. Managing Partner Gavin Ashe said: “No business wants to tie up capital unnecessarily but we have a strong balance sheet and take our responsibility to our customers very seriously. It was felt we just couldn’t take the risk of running out of stock so we have made this investment to protect our customers.”