© Copyright Acquisition International 2025 - All Rights Reserved.

Article Image - New research shows 88% of businesses trading internationally haven’t looked at switching their supply chains pre-Brexit
Posted 7th December 2020

New research shows 88% of businesses trading internationally haven’t looked at switching their supply chains pre-Brexit

With less than 30 days to go until the UK leaves the EU, it’s vital that businesses get ready for the transition that will take place.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

New research shows 88% of businesses trading internationally haven’t looked at switching their supply chains pre-Brexit
supply chain

Across the UK, businesses have spent the last six months adapting to the ‘new normal’, changing their ways of operating to keep their employees safe, whilst keeping their business healthy. With this alteration in the ways of working looking likely to remain for some time, moneycorp Bank conducted research with over 170 businesses that are trading internationally, to understand how they are preparing for the future, with Covid-19 still present, and Brexit on the horizon.

The Covid-19 outbreak has had a significant impact on British businesses. Whether positive or negative, the overwhelming majority of companies have found that there’s been a complete shift in their day-to-day running – be it with the end-consumer or their supply chain.

While 18% of UK businesses trading internationally saw an uptick in demand, others have experienced the pandemic very differently, the research shows:

  • Over a half (52%) have suffered from reduced demand
  • 30% have suffered delays and uncertainty over the arrival of goods
  • 17% have reduced the volume of products ordered through specific suppliers
  • 10% saw a reduced web traffic
  • 6% found that they had to order through more costly suppliers

Consequently, there’s been a whole range of steps businesses have taken in order to shore up operations, and in fact, 43% have said that they’ve changed their business model altogether as a result of Covid-19.

We found that other steps businesses have taken have ranged from creating a comprehensive emergency operations centre, redesigning supply chains with local sources and second sources, to mapping suppliers to assess vulnerabilities and running outage scenarios to assess the possibility of unforeseen impacts.

Despite having made changes to adapt to the challenge of Covid-19, the research shows that businesses haven’t explored ways to safeguard their supply chains to mitigate the risks, and benefit from the opportunity that Brexit could bring. 88% of UK businesses trading internationally have admitted that they haven’t looked and aren’t going to look at switching their supply chains in preparation of Brexit.

With the Brexit deadline looming, and trade talks still ongoing, the results show that many British corporates aren’t thinking ahead to how Brexit may impact their supply chains. In order to utilise Brexit in the most beneficial way, particularly when it comes to international trade, they need to be prepared.

Lee McDarby, Managing Director of Corporate Foreign Exchange and International Payments at moneycorp commented:

“This year has been difficult for the majority of UK businesses, and the impact of Covid-19 can’t be downplayed. However, by focusing on the impact of the pandemic, many entities are taking their eye off Brexit, which could cause even greater disruption further down the line.

“With less than 30 days to go until the UK leaves the EU, it’s vital that businesses get ready for the transition that will take place. Fundamentally, the way we conduct business will change. Companies need to understand how this change will impact their operations, and what mechanisms need to be put in place to ensure they thrive post-Brexit. One thing that businesses can be sure of, as the 31st December approaches, is turbulent market winds. Now is the time to be assessing your currency exposure, to ensure international supply chains do not end up eating into British businesses’ bottom line.”

To keep up to date on how they could be impacted, moneycorp Bank is encouraging all UK businesses to visit the government website for live updates.

Categories: Strategy


You Might Also Like
Read Full PostRead - Eye Icon
How to Start a Virtual Assistant Business in 2023
Innovation
23/05/2023How to Start a Virtual Assistant Business in 2023

A helpful guide for those who want to start a virtual assistant business, including effective virtual assistant business tools to help your new business thrive.

Read Full PostRead - Eye Icon
Driving Force
News
16/04/2021Driving Force

Helping organizations to reduce collisions, injuries, license violations and total cost of fleet ownership through a patented driver risk management program, eDrivingSM is a clear market leader in its field. As the global enterprise celebrates twenty-five year

Read Full PostRead - Eye Icon
Enhancing The Banking Experience Through Personalization
News
20/05/2024Enhancing The Banking Experience Through Personalization

Enhancing The Banking Experience Through Personalization People today seek personalized experiences in all aspects of their lives. Financial services are no exception to this growing trend, as customers increasingly expect specially tailored solutions to be pa

Read Full PostRead - Eye Icon
Blablacar Acquisition of Carpooling.com
Finance
14/05/2015Blablacar Acquisition of Carpooling.com

Blablacar Acquisition of Carpooling.com

Read Full PostRead - Eye Icon
9 Fun Ways to Advertise Your Business
News
29/06/20239 Fun Ways to Advertise Your Business

In the ever-evolving world of business, capturing the attention of potential customers is crucial for success. To stand out against the competition, it’s important to look beyond traditional advertising methods and explore fun, inventive ways to promote your

Read Full PostRead - Eye Icon
The rise of petrol prices and the global impact it has
Finance
23/04/2019The rise of petrol prices and the global impact it has

The average price of a litre of petrol at the end of 2018 was £1.21 in the UK, whereas a decade ago the figure was closer to £0.89 per litre. Price surges are reflective of steep inflation at various historical points, but what does 2019 hold for our empty t

Read Full PostRead - Eye Icon
The Role of Legal Expertise in Business Succession Planning
News
28/11/2024The Role of Legal Expertise in Business Succession Planning

Transitioning ownership represents one of the most significant challenges facing Australian business owners. Business succession planning lawyers provide critical guidance in navigating this complex process, helping protect your company’s future and ensu

Read Full PostRead - Eye Icon
Consolidations Taking Place in the International Money Transfer Space
Finance
05/10/2021Consolidations Taking Place in the International Money Transfer Space

And as we move into Q4 2021, more firms in the international money transfer industry are set to add to the fireworks. Overall, though, the industry is about to get less crowded.

Read Full PostRead - Eye Icon
Transformations in the Digital Age
Finance
10/06/2015Transformations in the Digital Age

Against the backdrop of the recession, there has been a relatively low level of M&A activity over the past five years; however things very much heated up in 2014.This rise looks set to continue in 2015, with economic conditions improving and business confidenc



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow