Springpack Ltd. Brexit Statement
On March 29th 2017, the UK declared its intention to withdraw from the EU, a process which has become known as Brexit. Springpack Ltd has worked carefully to examine the various implications that this process may have on our company and has taken several precautions to ensure that no disruption is caused to our customers.
We have undertaken a thorough risk assessment of all the possible outcomes of Brexit, taking into consideration our overseas suppliers and their Brexit plans. We investigated the following important elements in the context of the various exit scenarios;
- Customer service
- Storage and logistics in the UK and in the EU
- Costs, financial performance and the potential impact of tariffs
- Cash and financing
- Supply chain
We have taken proactive measurements to ensure that we are well equipped to deal with Brexit, the measurements include, an increase of up to 20% stock holding of our key product lines, as well as our suppliers allocating up to 25% more raw material and finished product for us. Additionally, we have obtained written agreements from our European suppliers that delivery times will not exceed a 6-week period.
Whilst we recognise that there is still a lot of uncertainty around the terms of the eventual deal and the impact it will have, we are confident that with the steps already taken and in preparation, the effects of Brexit will be entirely manageable and should not disrupt our ability to supply our customers Nationwide.
Our proven ability to embrace change gives us confidence that working with our partners in Europe and beyond we will be able to adapt to the situation as it develops.
Our various teams will continue to work with all customers, supply chain partners and our Directors over the next few months to monitor developments and continue our preparations to ensure our ability to operate effectively as a supplier and business partner through the Brexit process and on into a very successful future.