Devon has witnessed a shakeout among some of its biggest brands in the last 10 days. Facts are pointing towards Brexit as the reason for that.
Decision-makers in top sectors, including the South West airline, manufacturing and custard are citing Brexit as their reason for shipping out or selling franchises. They’ve also pointed at the uncertainty regarding the valuation of the British pounds.
However, Stuart Elford, Chief Executive of Devon and Plymouth Chamber of Commerce was quoted saying, Brexit isn’t the only factor influencing most business decisions.
Schaeffler Exit Leaves 365 Workers in Doubt
Plymouth received a shocking blow when parent company Schaeffler declared it would shut down its operations at the Barden Corporation plant in two years. If that does happen, at least 365 people might be left without a job.
Schaeffler pointed out, through Greg Littlefair, UK managing director that 75% of goods it produces is exported to other European countries.
Schaeffler, in Plymouth, is widely known for the production of precision bearing for missiles, the nuclear industry, cars, satellites and aircraft.
Ambrosia Factory in Lifton follows Schaeffler’s lead
At least 300 workers will be affected if food giant Premier Foods goes ahead to sell Ambrosia. The company, known for custard and pudding announced on Tuesday it plans to sell.
After over a century in Devon, Ambrosia has witnessed a sharp drop in sales this summer and plans to either sell-off or find a new investor.
Premier Foods said it has drawn plans to stock raw materials over uncertainty with gridlock in UK ports as Brexit nears. The company has budgeted £10 million in readiness.