What were the challenges?
The company, which trades primarily in the United Kingdom and Europe, hosts its main manufacturing facility in Northern Ireland, while its supply chain draws materials from multiple international cross border locations. Due to the uncertainty surrounding the terms on which the UK leaves the European Union, the company established an in-house Brexit team that engaged PKF to ‘Brexit proof’ its business.
How did we overcome these challenges?
We identified the risks and assessing the financial impact presented by a ‘no deal’ scenario, coupled with solutions and funding resources to minimise the threats. We analysed all areas of the business to ensure the trading stability, future growth and continued competitiveness of the business: everything from corporate structure to supply chain, currency management to cross-border transactions.
What impact did we have?
We identified the additional bureaucracy and financial implications that a ‘no deal’ scenario would have on manufacturing costs, heightened by the number of times raw materials crossed various borders whilst still in the manufacturing process. In response, we designed a solution that concentrated on outward and inward processing reliefs in the UK, Ireland and the wider EU. We also secured £50,000 of funding for the client from Invest Northern Ireland under the Brexit Preparation Grant. In this way, we embedded agility and safeguarded the business, making it ‘Brexit ready’ no matter what the outcome.