Premier Foods, the British food manufacturer behind household brands Paxo, Oxo and Mr. Kipling, reveals in its half-year results, published today, that as part of its Brexit contingency planning it will soon begin stockpiling ingredients. Anna Tobin reports
Premier Foods announced that the uncertainty over the terms of the UK’s departure from the EU has led the group to soon “start a process of building stocks of raw materials to protect the Company against the risk of delays at ports. Potentially this action will cause an adverse movement of up to £10 million in working capital during quarter four, which we would expect to reverse the following financial year as the situation normalises.”
The full report can be downloaded here
Premier Foods is not the only company increasing its stock of supplies ahead of Brexit, many SMEs are ramping up stock too. Assured Pharmacy has increased its medicine holdings and British Boxers is buying up fabric ahead of time.