We wanted to inform you of our position in relation to Brexit. We recognise that the current uncertainties are causing concern and therefore wanted to provide you with an update on what we have done and continue to do at Genuine Solutions.
We want to give you reassurance that we are constantly reviewing the situation and have implemented the following key actions to ensure that our customer community are not impacted by the decisions that are yet to be made in relation to the UK’s departure from the EU.
The UK are undertaking negotiations with a deadline of the 31st of October to confirm a new trade agreement with the EU. If they are unable to reach an agreement, the UK will adopt the WTO Terms. As an Export Champion, (a member of the Governments Department for International Trade), we regularly receive updates on the latest discussions and as a business we also benefit from other insights from well-respected organisations such as the British Export Association (BEXA), the FSB (Federation for small business) and a variety of other organisations such as Banks, Accountancy and legal firms which provide advice and support.
In order to reduce and minimise any potential delays at border control we have applied for our AEO Accreditation (Authorised Economic Operator) Status.
AEO offers a number of benefits, including lower rate of physical inspections of imported/exported goods, faster release of shipments, preferential treatment by Customs Authorities, and deferred payment of duties, to the companies that meet compliance criteria and demonstrate the security of supply chain allowing us to reduce impacts to our working capital.
The UK government intends to uphold the AEO programme and its privileges post Brexit, under a UK badged AEO scheme. HMRC have suggested that AEO certified companies will have their goods fast tracked in the case of the severe delays expected in connection with a ‘no-deal Brexit’.
In order to reduce and mitigate impacts on stock availability we have reviewed our stock position in readiness to respond to a No Deal scenario and as a result we have raised our buffer level to ensure that we have a continuity of supply.
Products that are imported from mainland Europe and Non-EU countries are supplied by established suppliers and partners who have robust supply chains in place, and we continue to work closely with them to safeguard these and to ensure the continuous availability of our products.
We have worked closely with our chosen Freight Forwarders to remove the risk of customs delays, which have included reviewing alternative routes into the UK and preparations for the increase in customs administration and we feel confident that our preferred network of international couriers have well considered and established practices to reduce and mitigate impacts.
Our senior leadership team are constantly reviewing the position and being advised by a variety of experts to ensure we navigate and mitigate as much as possible any adverse impacts that Brexit may have on our business.
We hope this gives you some reassurance that we have plans in place to support our customer community and as we approach the Brexit Deadline, we understand that there will be questions and concerns that are starting to arise and we would be happy to answer these wherever possible.
Chief Executive, Genuine Solutions Group