Brexit business is booming, say four captains of industry

Brexit business is booming, say four captains of industry

- in Business
51
0

While Remainers argued before the referendum that the UK’s economy would be adversely affected by voting to leave the European Union, four business leaders have now spoken to Bloomberg about their experiences in the past 12 months and how their enterprises have faired since the country voted to leave the bloc.

The co-founder and UK Managing Director of London-based Funding Circle James Meekings was highly optimistic about the changes in the past year, saying: “We’ve seen more businesses than ever coming to us. In the first quarter we originated £327 million in loans, an 80 per cent increase from the same period in 2016.”

John Elliott, founder and Chairman of Ebac Ltd, also remained positive and said the company was receiving more orders: “We’re due to complete a new order for 5,000 premium water coolers from a major US company. They want us to quote them a price for a new mainstream model too.


It’s been tough. Our margins have dropped.

Mark Gorton


“Elis in France has been our customer for a long time. They also want us to quote them for the next generation of water cooler.”

Alasdair Pettigrew, Chief Executive of startup Boxarr Ltd, said they had taken on news customers.

He said: “We’ve taken on new customers, which is fantastic. We got our first position in the automotive industry which is a huge step for us. We’ve fallen a bit short on revenue from where we’d like to be, which I think is just the nature of the marketplace being still quite uncertain globally. I think inevitably even with the best capability in the world it causes procurement cycles to be longer than you’d like them to be. It causes people to pause.”

UK BusinessGETTY

UK business is booming after the Brexit vote, four industry leaders have said

Mark Gorton, the Joint Managing Director of Traditional Norfolk Poultry was less positive, telling the business website: “It costs us more money to feed our chickens and turkeys, and we have to recover that money from somewhere.

“It’s been tough. Our margins have dropped. Top line is still growing, but our bottom line is getting squeezed. The biggest practical issue we have now is difficulty recruiting staff. Every week we have a meeting and say let’s employ more locals but they’re just not there.”

All four leaders though remained sceptical about Brexit negotiations, especially in light of the recent General Election where Theresa May’s gamble to secure a strong majority in the House of Commons turned into a nightmare for the Conservative leader.

James MeekingsGETTY

James Meekings is highly optimistic about the changes in the past year

Mr Elliott said: “I can’t see any progress. We’ll get there in the end, but we’re in a bit of a mess now.

“Over 80 per cent of the population voted for a party that wants to leave the EU. We should just get on with it.

“A lot of Remainers I know are saying let’s get on with it. People now think it’s not going to be as bad as we thought. It was supposed to be the end of the world.”

Mr Meekings added: “I think it’s going to take longer now, there will be more conversations, and the risk of it not getting done in the two-year horizon has increased.

“But the idea of it collapsing and not happening? That’s unlikely. It’s just a matter of timing.”

David Davis and Michel BarnieEPA

David Davis and Michel Barnier conduct Brexit negotiations press conference

City of LondonGETTY

All four leaders remain sceptical about Brexit negotiations

Mr Gorton believed that a trade deal had to be reached and was in the interests of both the UK and the EU.

He stated: “There’s more talk now of a soft Brexit. We’ve got to have our labor.

“They have to agree something on that. We’ve got to trade with Europe. It would be ridiculous to stop trading and not agree a trade deal.

“It might happen in some way that we might not notice too much difference. This factory is an EU approved factory which means we can export to anywhere in the EU.

“I can’t think why that would change. It would be crazy.”

Mr Pettigrew had some doubts over if a deal would be reached within the two year time frame.

He said: “I think in two or three years’ time we could be sat here saying, ‘so when’s this Brexit thing going to happen?’ That is a possibility. But I think there’s going to be a point in time at which the British people say come on, let’s get on with it, and the rest of the EU says the same thing.”

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

Unearthed Raymond Chandler Story Rebukes U.S. Health Care System

Instead of immediately treating him, a nurse and