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Preparing for Brexit- Penny Hydraulics Invest £1m in New Storage Facility and Stocks

Preparing for Brexit- Penny Hydraulics Invest £1m in New Storage Facility and Stocks

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Brexit – there is no getting away from the fact that it is having an impact on businesses in the UK. Each week it seems that a new twist and turn is added to this long-standing saga, with no clear resolution in sight. As an importer of components and raw materials from Europe, Penny Hydraulics have taken matters into their own hands by building a new storage facility to increase stock levels.

The new structure including a Mezzanine floor provides our business with an additional 440m2 of storage for key products and components from Europe.

Managing Director, Robin Penny shared his thoughts about Brexit and the reason why he has chosen to spend nearly £1million in a new building and stock.

'With still so much uncertainty floating around and the impending deadline of the 29th of March, we felt that our business needed to act. Many of our products and key components are sourced from suppliers in Europe we need certainty that after March we can still provide our customers with the products and services that they expect.

We took the decision back in November 2018 to put up the building, buy the stock and buy the Euros with which to buy that stock. It is all an expensive exercise that we could have done without as a result of being sold a dummy in the referendum. Should the politicians fail to come to a deal by March and if we hadn’t invested in this plan then as a business we would struggle to continue with our success. By executing this plan we are able to continue without too much disruption whilst the UK and Europe agree terms.’

The news of the development even attracted national news teams such as Sky News and ITN both of whom visited the factory to discuss our plans.

With these precautions in place, we can continue to provide you with our lifting solutions throughout these uncertain times.

We hope that the UK can come to an amicable resolution with the EU and that our business can continue to flourish. If this is not the case at the very least we have safeguarded ourselves and we can continue to operate under the difficult circumstances.

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