The decision made by the United Kingdom to leave the European Union, means that like other business operating in the UK, Your Workspace Ltd must prepare for the changes and potential challenges that this decision might bring. In order to ensure that our business is sustainable, we have put plans in place to ensure the best outcome for our company and our customers as the transition away from EU membership takes place.
We have recently spent time reviewing the potential impact of “Brexit” on us as a business and our customers. We have worked with various external advisors and suppliers to produce a “Brexit” readiness assessment. Whilst the assessment highlights a small number of specific risks, the overall conclusion is that Your Workspace Ltd is well positioned to tackle any challenges that we may face based on the market sectors and geographic locations in which we operate.
As an example of the type of “Brexit” contingency planning that we have introduced, we have significantly increased our stockholding of European sourced materials and components, with the support and assistance of our European supply chain partners. Whilst we do not operate a just in time supply chain, the potential for disruption to deliveries has necessitated this increase in stockholding to ensure that supplies to our customers are not adversely affected.
As Your Workspace Ltd’s business grows, we are developing and servicing new business opportunities in territories that will be unaffected by Brexit. This means that our exposure to the volatilities of the UK economy and the potential economic implications post-Brexit may not be felt as strongly by us as they would be by a business trading only in the UK or western Europe.
We remain alert and prepared for a variety of Brexit scenarios, however, we feel optimistic and prepared for whichever of the potential scenarios may be realised.