Brexit may hit cross-border trade: Greencore

By Alice Foster contact

- Last updated on GMT

Related tags: United kingdom, Eu

Brexit would not have “huge impact overall” on Greencore
Brexit would not have “huge impact overall” on Greencore
Britain exiting the EU could complicate the cross-border trade of food ingredients, warns Greencore chief financial officer Alan Williams. 

But, overall, the so-called Brexit would not have a “huge impact overall”​ on Greencore’s business because it mainly works in the UK and sources food in this country, Williams said. 

“We don’t see it as a huge impact one way or the other,”​ he told FoodManufacture.co.uk.

“At the margin, I think a UK exit from the EU could be slightly negative for the business mainly because of the sourcing of ingredients that we do cross border.

‘Increased complexity’

“I just worry about whether there would be increased complexity around that.”

An in/out referendum on the UK’s continuing membership of the EU is set to take place before the end of 2017.

If the public votes to leave the EU in the in-out referendum, it is unclear what trade agreements would be between Britain and the EU.

Asked about the impact on labour supply, Williams said: “I think it’s too early to tell because it would depend on what government policy was and how the terms of any future trade arrangements were to work.

Not ‘clear at this stage’

“None of that is clear at this stage, from what I have read at least.”

Prime Minister David Cameron is trying to renegotiate the terms of EU membership, hoping for changes in areas such as migration, sovereignty and competitiveness.

A number of business organisations, including the Confederation of British Industry and the manufacturers’ organisation EEF, are backing the campaign to stay in the EU.

On the eventual outcome, Williams, who is personally pro-European, said: “We will see in the fullness of time.”

He shared his thoughts on Brexit and Greencore’s financial results during an interview with FoodManufacture.co.uk last month.

Greencore’s convenience foods division has achieved a 6% rise in like-for-like revenue to reach £1,290.2M​ in the year to September 25 2015.

Meanwhile, International Monetary Fund (IMF) boss Christine Lagarde warned last week that the looming Brexit referendum posed a risk to the UK economy. The IMF md added that she wanted  Britain to stay within the EU.

Related news

Show more

Related suppliers