Business slow down since Brexit?
Discussion
Yep. One person already had job offer pulled. Stopped all activity that incurs fees, pulled out of all acquisitions. Pretty much the same reports from our consultants and our end operators. First thoughts are this is a take a breath and pause for a few weeks while we assess impacts rather than a full blown draw up the draw bridge.
2 clients have immediately cancelled upcoming projects & another one has been put on ice. I now have to find work for 1/3rd of my team asap. The clients are all FTSE100. We've also been warned by a couple that we can't expect any quick decision making around projects at tender stages. It's not completely bad news as a couple of deals have gone though since last Friday albeit smaller ones.
We had a German company pull out of 3000 orders, they apologised and said its due to company policy re: working within the EU. Despite us not formally pulling out of the EU yet. In general business is down, but I work indirectly within financial services so instability is never good for business.
We've seen the contrary so far.
We were contacted by an American customer on Friday afternoon - they placed a very big order there and then and advised they'd been waiting for a more favourable exchange rate. The prospect of further rate drops had them come back on Monday and effectively double their original order.
Hopeful of more of the same.
We were contacted by an American customer on Friday afternoon - they placed a very big order there and then and advised they'd been waiting for a more favourable exchange rate. The prospect of further rate drops had them come back on Monday and effectively double their original order.
Hopeful of more of the same.
Not yet but about 50% of what we make, we sell to our head office in Germany so it depends on a good exchange rate. We've had the dreaded vote of confidence from the top "we SHOULD be OK, etc."
We have a manufacturing facility in the Czech Republic and we've moved some of our production lines there in the past so there's some nervous people about this week. We're about to invest a lot of money on our facilities estate in the UK this year so it will be interesting to see if this goes on hold or if they go ahead with it.
Like everyone who voted remain, we're just waiting to see if our fears come true and those who voted leave are waiting to see if it was all scaremongering and lies. It could take a couple of years but there's going to be a lot of people saying told you so either way
We have a manufacturing facility in the Czech Republic and we've moved some of our production lines there in the past so there's some nervous people about this week. We're about to invest a lot of money on our facilities estate in the UK this year so it will be interesting to see if this goes on hold or if they go ahead with it.
Like everyone who voted remain, we're just waiting to see if our fears come true and those who voted leave are waiting to see if it was all scaremongering and lies. It could take a couple of years but there's going to be a lot of people saying told you so either way
Simpo Two said:
Moominho said:
We had a German company pull out of 3000 orders, they apologised and said its due to company policy re: working within the EU. Despite us not formally pulling out of the EU yet.
Despite it suddenly being 10% cheaper for them. Gotta love 'policy' 
It's not realistic for eg German companies to put their buying plans on hold while the UK sorts out what it's going to do
We generally do 20-30 orders per day on the public at this time of year.
Yesterday 1.
Today 4.
Tomorrow currently zero.
Last week was good, actually above average... so strange its gone from pretty much full chat to nothing. Defo not normal.
I personally think its down to a combination of football, weather, politics and general people waiting to see what happens with things like the pound to euro as school holidays coming up in 4-6 weeks.
On the trade side we have seen a slight slow down, probably 25% down since March but a lot of projects started 6-12 months previous which are now coming to an end which is where we get involved so trade is still there. However we already had a heads up from one of our biggest customers that if they get no new work in by end of July they are going to be in trouble as work is drying up fast... I hear they are letting some people go next week.
Yesterday 1.
Today 4.
Tomorrow currently zero.
Last week was good, actually above average... so strange its gone from pretty much full chat to nothing. Defo not normal.
I personally think its down to a combination of football, weather, politics and general people waiting to see what happens with things like the pound to euro as school holidays coming up in 4-6 weeks.
On the trade side we have seen a slight slow down, probably 25% down since March but a lot of projects started 6-12 months previous which are now coming to an end which is where we get involved so trade is still there. However we already had a heads up from one of our biggest customers that if they get no new work in by end of July they are going to be in trouble as work is drying up fast... I hear they are letting some people go next week.
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