Brexit has been a major concern for our clients and consumers over the past two years. With the 31st October approaching, it’s natural for consumers and businesses to wonder about the potential risks that could arise during this transition. Over the last year, Wightman & Parrish has been working closely with our supply chain to understand and minimise the risks presented by Brexit. With political and economic changes happening almost on a daily basis, we have strived to adapt to changing circumstances and we are confident, as we can be, of our preparations to ensure a continued supply of core products to our clients.
Concerning our business, we have conducted an extensive amount of research and analysis as to what our risks may be. Our findings have narrowed down our primary risks to the following:
With each risk, we have thought through solutions that we can implement should the issue arise. We are pleased to share our strategy below.
The largest threat to our business would be any disruption to our product supply. Due to the uncertainty surrounding trade with the European Union, there is likely to be a few weeks delay after the Brexit deadline for incoming trade. This would impact our business significantly, as our suppliers rely on free-flowing trade from the European Union in order to supply products to us.
To address this potential concern, we have discussed this issue with all of our key suppliers and all of them are confident that there will be no issues with supply. Many have substantially increased their UK warehousing with some even manufacturing 12 months ahead to insure an uninterrupted supply. Where we have suppliers who are less prepared or who make products in the EU, we have ordered in additional stock and increased our stock on our Top 300 stock lines.
At Wightman & Parrish, we have prepared well in advance for any fuel shortages or uncertainty. As a business, we have our own fleet of vehicles and our own Fuel bunker on premise, meaning we can easily top up our fuel supply and monitor our needs.
Linked to the uncertainty surrounding trade with the European Union, there is some concern that there could be significant price rises across all industries and supply chains. This risk suggests that products could become more expensive depending on the outcome of the current political circumstances. Once the position becomes clearer we will be able to advise our customers of any price increases coming and what alternatives may be available to avoid such an increase. We strongly encourage our customers to go to our website and sign up to our communication list to ensure that you receive the latest updates and information from us.
The uncertainty around supply chains due to Brexit may cause panic buying, as customers and clients become more wary about maintaining a steady supply of product. This is natural, as businesses need to ensure that their services and places of work run smoothly, despite political and economic disruption. However, this may put a strain on product suppliers and result in shortages.
Most of our customers have already increased their stocks slightly to reduce the risk of disruption, caused by Brexit. Please give us a call if you need extra products for delivery before or after the 31st October. This will enable us to forecast the precise amount of demand and be able to supply a sufficient and steady stream of products. If we start to see over-ordering around and after Brexit, we will take responsible steps to limit customers’ orders in order to maintain a steady supply to everyone.
If you have concerns about Brexit and want to be kept up to date with how our business is preparing for this transition period, please visit our website and register for our mailing list to insure you are kept fully informed over the next few months: www.w-p.co.uk/optin
T 01323 445 005
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