What do you do for a living?

[Jimmy the Jock]

I have responsibility for European Manufacturing Strategy & Planning for a Automotive company, which for the previous 15 years has meant transferring product into UK manufacturing but for the last 18 months has meant transferring manufacturing out of the UK to Europe, India & Mexico.

I remember you saying you had secured a huge contract just after brexit , has this situation now changed ?

[Des Parrot]

I remember you saying you had secured a huge contract just after brexit , has this situation now changed ?

Good memory. The contract was originally awarded for 6 years, the customer has now revised this to 3+3, with the latter 3 years depending on Brexit, cost downs & exchange rates. So secured until 2021, 2022 onwards open to review.

Currently have 6 major customers.
i) German, as above
ii) different German company but same situation. Now written into contract "must be manufactured" within EU
iii) another German, contract ends in 2020, decided not to renew (after 20 years of continuos supply)
iv) French, contract ends 2020, will only renew is supplied from Lost Country Country
v) British currently sales down 50% contract until 2022
vi) Japanese current sales down 50% contract until 2021

Basically healthy until 2020 & then the business evaporates. Currently working hard to minimise losses. But to give example, customer #2 wants a €3M secured bond against a no deal Brexit!