16 Sep Universe Group plc, Brexit statement
Universe remain in a strong position to cope with changes that a deal or no deal outcome may bring.
16th September 2019
Universe has been reviewing the implications and planning for Brexit since the referendum result 3 years ago and has expanded its partner suppliers from all areas within the UK, Europe, North America and Australasia.
Universe has operations in both the UK and Ireland and therefore has access to the EU whether Brexit happens or not.
The majority of Universe’s suppliers are based outside of the European Union. This means that Universe is already operating to World Trade Organisation (WTO) rules and importing outside of the boundaries of EU legislation.
For third party kit, Universe maintains an operating stock level of all products to cover the maintenance needs of all customers, the majority of which is sourced from either the UK or outside the EU. With respect to people, Universe does not require cross-border movement of employees to deliver its service to customers.
In addition, Universe continuously reviews the need to hedge its currency exposure. Universe has both inflows and outflows of euros and dollars and so a lot of the exposure is naturally hedged.
In summary, Universe is preparing for all scenarios to minimise disruption and mitigate risks to the business, and is hopeful all parties within the EU will reach an agreement soon.