The decision made by the United Kingdom to leave the European Union, or ‘Brexit’ as it is commonly known, necessitates that we must embrace the challenges that this decision will bring. To ensure our business is sustainable, we are deploying a number of strategies which will allow SYR the strongest possible outcome regardless of the final solution as the UK transition away from EU membership.
Inevitably there is much uncertainty at the current time and thus by design our plans allow for a great deal of flexibility in the interim planning phase. We recognise that as the situation unfolds our customers and EU suppliers will have concerns. Within our own organisation it is likely we will see changes in all areas including customer services, sales, procurement, finance, compliance and human resources.
We have reviewed each of the areas and the potential impact of various changes involving Customs borders, regulation, product costs, exchange rate volatility and administrative workload. In order to strengthen our EU position, we will be increasing our stock levels to ensure we maintain our current service levels during any transition period. SYR operates companies including manufacturing facilities in the United Kingdom, North America and China; we therefore have the possibility of switching our product sourcing between our overseas companies. Furthermore, we do not source any critical materials or products from mainland Europe.
We are continually reviewing our supply chain in regards to components and raw materials to mitigate any major impacts Brexit may bring. We have explored and planned for any potential risks concerning any staff who are EU Citizens. SYR already have a strong understanding of export procedures and we are experienced in dealing with the often-changing demands of various export markets. We have every confidence that the expertise and experience of our export department will be able to cope with any changes as a result of Brexit. We will be continually reviewing all agents and distributors contracts to ensure that they are compliant.
SYR can reassure our customers, suppliers and partners of our continuing commitment to trade, both within the EU and with our other export markets.