Convenience foods giant Greencore has indicated that a UK departure from the European Union could have negative ramifications for the British food industry, The Irish Times reports.
The UK food market would suffer from a ‘Brexit’ (the mooted UK departure from EU) in the form of higher interest rates, higher people expenses, and more costly raw materials, said Greencore chief executive Patrick Coveney, according to the paper.
He commented that the "politics of it are going to be very competitive," and warned that the possibility of it coming to pass is "very realistic."
"An inevitable consequence is that Scotland could have a second referendum and leave the UK," he added.
Greencore reported a 7.2 per cent increase in revenue for the 13 weeks to December 25 2015, saying that its ongoing growth has been "driven by the annualisation of prior year business wins together with the impact of new product launches.".
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly. To subscribe to ESM: The European Supermarket Magazine, click here.