BREXIT STATEMENT SEPTEMBER 2019
Genalog is aware of the potential risks associated with the United Kingdom preparing to leave the European Union on 31 October, 2019. We are working very closely to monitor the ongoing situation, identifying all possible scenarios, necessary actions and execution strategies.
Large amounts of stock has, and is, being purchased to cover possible fluctuations in the value of UK sterling against the Euro and USD. Some customers have negotiated blanket/cover orders with us to ensure continuity of supply. We urge all customers to consider their requirements with us to avoid any consequences.
Less than 5% of our products are imported from the EU and we foresee no import issues with these suppliers.
All others (95%) are from the UK or imported from outside the EU and are already subject to applicable customs charges and import duties – these will change very little, if at all, under WTO rules.
We have over 35 years’ experience of importing electronic components from around the world and have every confidence our business can withstand any Brexit shocks that may come our way.
However, as a business, we cannot guarantee any future pricing and lead times on Purchase Orders placed after October 31st 2019 (Brexit leave date). This will be due to events beyond our control.
Regarding our workforce, currently all of our employees are UK citizens and as such are unaffected by this.