Waterford News

Local Enterprise Office Waterford helping Waterford Businesses get Brexit Ready

LEO David WalshFrom October 31st how we trade with the UK will change profoundly. Waterford companies that trade with the UK will need to take steps to mitigate the impact of trading with a non-European Union country and once the UK leaves the Customs Union, it will be regarded as a “Third Country.”

Importing and exporting procedures, customs compliance, goods classification, goods transit and tariffs will, in the event of a no-deal Brexit be subject to the rules of trade with a “Third Country.”

If your company trades with the UK or your supply chain is partly dependent on the UK, there are some practical supply chain management steps that should be taken to mitigate the impact of Brexit.

The first step advised is to review operations and to determine what level of dependence there is on goods or services that come through or from the UK. This includes where businesses indirectly source materials, stock and ingredients, or any other types of goods through a distributor or wholesaler.

Des Colbert of Colbert Engineering, a Waterford based company which manufactures small turned components said, “There is a huge amount of preparatory work that needs to be done ahead of Brexit, regardless of a deal or no deal. Whilst we endeavour to use indigenous materials where we can, we source some of our materials from the UK. We’ve been in touch with our distributors seeking assurance that there will be a continuation of supplies.”

“Despite assurances, it is a very worrying time for business as it’s hard to ignore the warnings of significant disruptions and long delays at UK ferry ports and what the repercussions will be on a local level.”

Businesses are also advised to check with suppliers to determine if their supplies from non-UK companies are transiting through the UK, as there may be delays and cost implications such as supply, customs, tariffs and related impacts. It may be prudent to consider sourcing goods or services in Ireland or other EU countries, if at all possible, as it will mitigate the anticipated disruption to the supply chain in the event of a no deal Brexit.

Richie Walsh, Head of Enterprise at Local Enterprise Office Waterford said that it is imperative Waterford companies prepare for disruption in their supply chains.

“It is undoubtedly a worrying time for businesses that are dependent on the UK for materials, goods and services. The anticipated disruption has been well publicised, and it is in local businesses best interests to be aware of the consequences of Brexit and be prepared to investigate alternative sources, or at the very least seek assurances from UK wholesalers and distributors.”

“Local Enterprise Office Waterford is working closely with third party agencies to help businesses navigate the Supply Chain Management dilemma. We have a panel of mentors and industry experts who are available to meet with Waterford businesses to highlight the potential supply chain challenges and prepare a strategy to address these challenges. While it’s not a topic that many companies will enjoy addressing, it unfortunately, is the reality of a no-deal Brexit.”

If you have any queries regarding your business and Brexit, talk to LEO Waterford #BrexitReady advisor, David Walsh, by calling 0761 102 905 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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