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Stockpiling for Brexit: What you need to know

As the Brexit deadline looms closer, small businesses are starting to prepare in any way that they can. Two of the most critical points for businesses include the strength of the pound and the country’s part in the customs union. As a result, many companies have started stockpiling for Brexit (and using commercial storage solutions to do so).

Stockpiling for Brexit: What you need to know

At Access Self Storage, our branches across the UK are home to many different types of businesses and their stock. Our staff have noticed more people enquiring about commercial storage solutions and commercial storage boxes so that they can start stockpiling for Brexit. So we’ve asked businesses how and why they’re stockpiling, and what others should consider before they start.

Preparing for early orders

One thing to consider is your customer’s Brexit plans. Chris Johnson is the managing director of specialist bearing supplier SMB Bearings. He says the company is already stockpiling for Brexit because it has seen an increase in early orders. “We are already taking orders for next autumn. While a mass Armageddon of bearing supply after Brexit is unlikely, we can’t blame our customers for wanting to build reserves for their own production lines and avoid potential delays. As a business, we’re used to riding the waves of bearing sales booms. We’ve seen a similar spike in demand for thin section precision bearings, with the increase in robotics manufacturing. As European customers worry about a mass shortage after Brexit, our extensive stock will act as a buffer, to ensure they can still have access to bearings in their supply chain.”

Are you looking for commercial storage solutions so that you can start stockpiling for Brexit? Access Self Storage can help. We have business storage solutions at our branches across the UK, including Access Self Storage Battersea, Access Self Storage Sutton and Access Self Storage Wandsworth.

The strength of the pound

If you purchase stock from outside of the UK, the strength of the pound is going to be crucial. James Carfell, HR manager at Collier Roofing Surrey says “We purchase different equipment from various different countries, however with the weakening pound and the uncertainty in the economy at the moment, it is worth buying some items from Europe in advance, to ensure we are fully stocked. This can be frustrating, both from a cash flow perspective and looking at storage situations, but the savings could be profound by stocking up on anything we might need, or which might be hard to gain later on.”

James reiterated the need to keep an eye on the exchange rate and consider your timelines. “Businesses need to consider the turnaround time it normally takes to get stock, where they are purchasing from and to monitor the strength of the pound. They also need to consider whether it is likely to have any difficulties with transportation and licensing when coming to the UK.”\

Stockpiling for Brexit: What you need to know

A backup plan

Ben Hofman, founder and CEO of Atlantic Access says that, particularly for companies with consumer-facing products, the question is more about understanding where their stock is physically located. "Companies should consider whether their stock is held in Europe as well as in the UK in case we leave the customs union. They should also have a backup plan to ensure they can move stock into the EU if we do leave with a minimal or no deal, else face financial consequences if they try subsequently."

If you’re looking for commercial storage solutions or commercial storage boxes, check out our business storage solutions or boxes and packaging. Find your local store today and get a quote online.