How Vulnerable Is Your Business To Volatile Currency Rates? Analysis
Lee McDarby, director of Corporate FX at moneycorp explains why grocery businesses should have a strategy around currency exposure, particularly with Brexit looming large on the horizon.
The British Retail Consortium recently suggested that the UK’s Brexit plan could put pressure on both British and European supermarkets; estimating that EU retail businesses could face losing £21 billion of agri-food exports to the UK, whilst 12,500 small retail businesses in the UK could go bust.
For example, The Finsbury Food Group has already had to close its London-based bakery, Grain D’Or, due to its profits plummeting by two thirds. The cake manufacturer cited a sharp increase in the price of butter, compounding problems in the business.
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