UK wine retailer stockpiles bottles ready for no-deal Brexit
Image: Istock.com/yangwenshuang via AFP
British retailer Majestic Wine on Thursday revealed plans to stockpile wine worth up to £8 million ($10.3 million, 9.0 million euros) over fears the country could leave the European Union without a deal.
The High Street wine merchant said it would import extra bottles worth between £5 million and £8 million before March 29, 2019, when Britain will leave the EU.
“We were planning for tough times and we’re investing through tough times,” said Majestic boss Rowan Gormley as the company announced its half-year results.
Around 55 percent of the wine consumed in Britain is imported from the EU.
Leading food manufacturer Premier Foods revealed last week it will start stockpiling ingredients in case of disruption at the borders should Britain leave without a formal deal.
Catering giant Compass said earlier this week it would stockpile ingredients if Prime Minister Theresa May’s withdrawal agreement with the EU, which faces a daunting task in receiving parliamentary approval, looked set for failure. CC
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