Brexit Impact Tracker

How Businesses Are Preparing for Brexit, Deal or No Deal

Published: November 27, 2018, 12:00 AM EST | Updated: 10/24/2019, 1:34:22 AM

More than three years after Britain voted to leave the EU, Brexit remains as elusive as ever, leaving companies little choice but to prepare for any outcome.

Prime Minister Boris Johnson won backing in Parliament for an agreement he negotiated with the EU, but lawmakers blocked his effort to push the bill through by the end of October, the current Brexit deadline. Now another extension request, and potentially a U.K. general election or even a second referendum, cloud the outlook for companies.

Firms bracing for Brexit have spent hundreds of millions of pounds on contingency planning, from stockpiling to plant closures to relocating business onto the continent. While the prospect of a chaotic no-deal split has receded, another delay could spell months of additional uncertainty for business.

As the Brexit saga rolls on, here’s a list of what firms have done, or are planning to do, to prepare.

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Relocations and closures
- Insurance
  
  AIG
  
  The U.S. insurance company has set up a new company in Luxembourg for EU clients. ⭢
- Insurance
  
  Admiral Group
  
  The insurance company has moved some of its operations to Madrid and Seville to serve its European business outside of the U.K. ⭢
- Media
  
  BBC
  
  The commercial arm of the U.K.’s state-funded broadcaster is moving some of its licenses to the Netherlands so it can keep transmitting across the EU in the event of a no-deal Brexit. ⭢
- Telecoms
  
  BT
  
  Britain’s former phone monopoly is seeking a new data protection base in the EU. ⭢
- Finance
  
  Barclays
  
  The bank expects to become the largest bank in Ireland by the end of 2019 as it moves 190 billion euros of balance sheet assets to Dublin ⭢
- Transport
  
  Bentley
  
  The carmaker’s boss said it’s been supplying components through an alternative port. He’s separately said failure to reach a deal would be “damaging” to profit in a worst-case scenario, limit the company’s ability to invest and could lead to its plant closing for an additional few days at Christmas or Easter. ⭢
- Retail
  
  C&J Clark
  
  The seller of Clarks shoes plans to open a distribution center in continental Europe. ⭢
- Exchanges
  
  CME Group
  
  The exchange operator is moving its $240 billion-a-day European market for short-term financing, the largest in the region, from London to Amsterdam to guarantee continental firms can continue to use it if there is a no-deal Brexit. It’s also moving its $15 billion-a-day foreign-exchange forwards and swaps venue to the Dutch capital. ⭢
- Exchanges
  
  Cboe Global Markets
  
  The exchange is opening an Amsterdam hub for European equities trading. ⭢
- Insurance
  
  Chubb
  
  The insurance giant has moved its European headquarters to France. ⭢
- Health
  
  Dechra Pharmaceuticals
  
  The maker of animal medicines is looking at setting up dual testing facilities in the U.K. and EU in preparation for Brexit. ⭢
- Finance
  
  Deutsche Bank
  
  The bank is repatriating at least 400 billion euros of balance-sheet assets ⭢
- Media
  
  Discovery
  
  The U.S. broadcaster is setting up a new European HQ in the Netherlands. ⭢
- Transport
  
  EasyJet
  
  The U.K. airline has established operating certificates in mainland Europe and is shifting pilots based in mainland Europe to Austrian and German licenses in an effort to minimize potential fall-out from a no-deal exit. ⭢
- Health
  
  Elekta
  
  The Swedish manufacturer of medical equipment has set up a legal entity in Sweden to handle regulatory and transactional work previously done in the U.K. ⭢
- Transport
  
  Flybmi
  
  The British regional airline went into administration, blaming Brexit uncertainty and higher fuel prices. ⭢
- Insurance
  
  Hiscox
  
  The insurance company has set up a new base in Luxembourg ⭢
- Finance
  
  JPMorgan
  
  The bank is moving 200 billion euros of balance-sheet assets to Frankfurt. ⭢
- Insurance
  
  Liberty Specialty Markets
  
  The insurer is setting up its EU headquarters in Luxembourg ⭢
- Insurance
  
  Lloyd's of London
  
  The world’s oldest insurance market has set up a new subsidiary in Brussels and is moving some roles from London. ⭢
- Publishing
  
  Monocle
  
  The global affairs magazine is moving its printing from the U.K. to Germany over concerns about difficulties exporting if there’s a no-deal Brexit. ⭢
- Retail
  
  Muji
  
  Ryohin Keikaku, which retails products under the Muji brand, is considering moving its European headquarters out of the U.K. to Germany. ⭢
- Retail
  
  Panasonic
  
  The company said it would move its European headquarters from the outskirts of London to Amsterdam effective Oct. 1, 2018. ⭢
- Finance
  
  Pantheon
  
  The private equity and infrastructure investor has set up a new base in Dublin. ⭢
- Health
  
  Philips
  
  The Dutch health-tech company announced it would close its U.K. baby products factory, after warning that anything short of a seamless single-market customs union could result in it shutting down. However, the decision on the factory was separate from Brexit, a Philips spokesman said. ⭢
- Insurance
  
  RSA Group
  
  The insurer has established a new Luxembourg base for EU business ⭢
- Industrial
  
  Renishaw
  
  The maker of precision measuring and calibration equipment is opening a distribution warehouse in Ireland. ⭢
- Transport
  
  Ryanair
  
  Ryanair is poised for one of the deepest rounds of job cuts in years as Europe’s biggest budget airline responds to falling earnings, the grounding of Boeing Co.’s 737 Max jetliner and Brexit concerns. ⭢
- Transport
  
  Schaeffler
  
  The German maker of ball bearings, used in cars and the London Eye Ferris wheel, is closing two of its three U.K. production plants, which could cut its workforce by half. ⭢
  
  Closures: 2 sites
- Industrial
  
  Senju Metal Industry Co
  
  The Japanese manufacturer of soldering products for the electronics and automotive industries has closed its U.K. factory and relocated production to the Czech Republic, citing disruption from Brexit. ⭢
- Health
  
  Shionogi
  
  The Japanese pharmaceuticals company is moving its European HQ to the Netherlands. ⭢
- Consumer Electronics
  
  Sony
  
  The Japanese electronics group is moving its European domicile to the Netherlands. ⭢
- Health
  
  Steris
  
  The Surgical appliances manufacturer plans to move its corporate base to Ireland from the U.K. ⭢
- Finance
  
  Stifel
  
  The U.S. firm will buy the brokerage operations of Germany’s MainFirst Holding, ensuring that it can keep offering financial services in the EU after Brexit. ⭢
- Finance
  
  Swissquote
  
  The Swiss bank is planning to move its European retail business from London to Luxembourg ⭢
- Transport
  
  TAP
  
  Portuguese airline TAP plans to suspend its operation at London City airport due to uncertainty in terms of passenger demand linked to Brexit and lower-than-expected results in that market, according to an emailed statement. ⭢
- Retail
  
  The Hut Group
  
  The company, which sells beauty, wellness and luxury products online, is constructing a facility in Wroclaw, Poland. ⭢
- Transport
  
  Toyota
  
  The carmaker will halt production at its Midlands factory, which has 2,500 employees, on Nov. 1 to prepare for any disruption from Brexit. ⭢
- Finance
  
  TransferWise
  
  The money transfer company is opening an office in Belgium. ⭢
- Insurance
  
  Travelers
  
  The insurance company is setting up a new subsidiary in Dublin. ⭢
- Finance
  
  UBS
  
  The Swiss bank is moving assets worth more than 32 billion euros to Germany. ⭢
- Finance
  
  UniCredit
  
  The bank was among 10 firms that moved some swaps trades from London to Frankfurt in May 2019. ⭢
Stockpiling
- Health
  
  Agilent
  
  The maker of life sciences measurement equipment was stocking up on key materials. ⭢
- Transport
  
  Airbus
  
  The European company is stockpiling parts to maintain production rates in case of customs delays. ⭢
- Health
  
  AstraZeneca
  
  The drugmaker is increasing its stockpile of drugs to four months from three and spending about 40 million pounds ($51 million) to duplicate U.K.-based testing facilities that prepare products for distribution. ⭢
- Technology
  
  BT
  
  The U.K.’s former phone monopoly is stockpiling network components. ⭢
- Food and Drink
  
  Bacardi
  
  The spirits company is stockpiling drinks in the U.K. ⭢
- Health
  
  Bayer
  
  The agricultural chemicals and health giant is building up additional stocks of medicine. ⭢
- Transport
  
  Bentley
  
  The carmaker is building up stocks of imported parts. ⭢
- Engineering
  
  Bosch
  
  The world’s largest auto-parts maker was stocking up components in the U.K. ⭢
- Transport
  
  Brompton Bicycle
  
  The foldable bike maker has rented a warehouse near Heathrow to store an extra month’s worth of supplies. ⭢
- Retail
  
  Card Factory Plc
  
  The West Yorkshire, England-based company increased its foreign-sourced inventory ahead of Britain’s planned departure earlier this year, leading to extra storage costs of about 1 million pounds, as the delay to Brexit continues. ⭢
- Energy
  
  Centrica
  
  The utility firm increased stock of EU-sourced equipment. ⭢
- Food and Drink
  
  Coca-Cola
  
  The distributor of the fizzy drink in the U.K. is stockpiling key ingredients like concentrate. ⭢
- Food and Drink
  
  Creative Nature
  
  The superfood firm stockpiled hemp seed and other ingredients for its snack bars. ⭢
- Chemicals
  
  Croda International
  
  The chemicals manufacturer is carrying about an extra 25 million pounds of extra inventory, raw materials and finished goods. ⭢
- Energy
  
  EDF
  
  The operator of 15 nuclear reactors in the U.K. has increased fuel stockpiles. ⭢
- Transport
  
  Eurotunnel
  
  The channel tunnel operator is expanding its parking lot for trucks in France, and has handed over buildings for customs checks to French authorities. It’s been shortlisted by the U.K. government as a company which could provide additional freight capacity after the U.K. leaves the EU. ⭢
- Transport
  
  Go Ahead
  
  The bus and rail services operator increased its stock of spare parts for trains and buses coming from Europe. ⭢
- Food and Drink
  
  Greggs
  
  The sandwich chain was stockpiling ingredients and prepared to alter recipes in the face of potential ingredient shortages. ⭢
- Technology
  
  HP
  
  The U.S. IT giant is said to be planning stockpiles ahead of Brexit. ⭢
- Food and Drink
  
  Heineken
  
  The Dutch brewer is stockpiling thousands of pallets of goods to make sure beer taps don’t run dry. ⭢
- Tobacco
  
  Imperial
  
  Imperial Brands, whose tobacco brands include Davidoff, will hold about 30 million pounds worth of cigarettes to mitigate possible supply disruptions. That equates to more than 2.6 million packs of 20 cigarettes each. ⭢
- Retail
  
  Joules
  
  The retailer of clothes, accessories and homeware scheduled earlier product deliveries for its spring and summer 2019 ranges, and is also renting a warehouse in Europe to aid with deliveries. ⭢
- Food and Drink
  
  LVMH
  
  The French maker of high-end beverage brands including Moet & Chandon champagne and Hennessy cognac has added four months of wine and spirits inventory to the U.K. ⭢
- Retail
  
  Marks & Spencer
  
  The retailer raised concerns over its ability to stockpile fresh food and reviewed the number of products with long shelf life. ⭢
- Engineering
  
  Meggitt
  
  The aerospace and defence group has spent 5 million pounds on building up inventory. ⭢
- Health
  
  Merck
  
  The U.S. pharmaceutical giant may stockpile as much as six months’ worth of goods and revise trade routes in preparation. ⭢
- Food and Drink
  
  Mondelez International
  
  The owner of chocolate-maker Cadbury is stockpiling goods and ingredients from overseas in case of a hard Brexit. ⭢
- Food and Drink
  
  Morrisons
  
  The retailer was speeding up purchases of manufacturing parts, packaging and cupboard fillers. ⭢
- Food and Drink
  
  Naked Wines
  
  The winemaker is planning to stock an extra 5 to 8 million pounds of inventory to mitigate any potential supply chain disruption ⭢
- Food and Drink
  
  Nestle
  
  The world’s largest food company stockpiled coffee in the U.K. ⭢
- Health
  
  Novartis
  
  The drugmaker has said it’s planning to hold increased inventories of its medicines in case of a no-deal Brexit. ⭢
- Food and Drink
  
  Ocado
  
  The online grocer was boosting inventories of mechanical spare parts. ⭢
- Publishing
  
  Pearson
  
  The world’s largest education company was stockpiling textbooks in the U.K. ⭢
- Food and Drink
  
  Pernod Ricard
  
  The world’s second-largest distiller is stocking up on Absolut vodka in the U.K. ⭢
- Retail
  
  Pets at Home
  
  The pet supplier was considering increasing its inventory holding by £8 million. ⭢
- Health
  
  Pfizer
  
  The pharmaceutical company has estimated costs of $100m stockpiling medicines as well as duplicating regulatory efforts. ⭢
- Food and Drink
  
  Premier Foods
  
  The maker of Bisto gravy and Mr. Kipling cakes is building an inventory of packaging materials, ingredients and raw materials, and plans to stockpile finished goods if a no-deal outcome seems likely. ⭢
- Consumer Goods
  
  Reckitt Benckiser
  
  The consumer goods giant, which makes products like Nurofen and Durex condoms, was building about four weeks’ worth of extra stock. ⭢
- Transport
  
  Rolls-Royce
  
  London-based jet-engine specialist Rolls-Royce Holdings Plc has spent close to 100 million pounds to smooth its supply chain in the event of a no-deal Brexit, including additional shipping capacity and extra warehouse space in the U.K. and mainland Europe, as well as stockpiling parts ⭢
- Health
  
  Sanofi
  
  The company has said that it is bolstering its stocks of medicines in the U.K. ⭢
- Technology
  
  ScanSource
  
  The distributor of specialty technology products is opening a new warehouse in the U.K. to stockpile goods. ⭢
- Retail
  
  Tesco
  
  The supermarket is working with its suppliers to improve stock-holding. ⭢
- Construction
  
  Travis Perkins
  
  The builders’ merchant stocked up on raw materials. ⭢
- Food and Drink
  
  Unilever
  
  The Anglo-Dutch consumer giant is stockpiling a few weeks’ worth of Ben & Jerry’s ice cream and Magnum bars. ⭢
- Industrial
  
  Victrex
  
  The maker of plastics used in smart phones and car gears is booking additional warehouse space in mainland Europe and China, plus buying extra raw materials to boost U.K. inventories. ⭢
- Retail
  
  WH Smith
  
  The retailer was holding extra stores of stationery, like pens, notepads and diaries. ⭢
Plans on hold
- Containers and Packaging
  
  Smurfit Kappa Group
  
  Europe’s largest cardboard-box maker abandoned plans to build a 50 million-pound plant in the U.K. The plant would have had about 50 employees. ⭢
- Telecoms
  
  Telefonica
  
  Chief Operating Officer Angel Vila said the Spanish telecommunications company will continue to hold off on an initial public offering of its U.K. unit, O2, with uncertainty tied to Brexit. ⭢
Layoffs and staff movements
- Finance
  
  AXA
  
  The French insurer is moving staff from the U.K. and France to Ireland. ⭢
- Finance
  
  Bank of America
  
  The bank, which has 4,500 U.K. staff, expects to have 400 people in Paris by the end of 2019, through staff moves and new hires. ⭢
  
  Staff relocation: 400
- Finance
  
  Barclays
  
  The bank, which has 10,000 U.K. staff, has reported that it will move 150 jobs to Dublin, which will be its main EU hub after Brexit. They are also creating 150 new roles in the Irish capital. ⭢
  
  Staff relocation: 150
- Finance
  
  Citigroup
  
  The bank, which has 9,000 U.K. staff, has reported that it will move 250 jobs. ⭢
  
  Staff relocation: 250
- Finance
  
  Credit Suisse
  
  The bank, which has 6,600 U.K. staff, has reported that it will move 250 jobs to various EU cities. ⭢
  
  Staff relocation: 250
- Finance
  
  Deutsche Bank
  
  London to bear the brunt of the bank’s job-cutting program partly because of Brexit. ⭢
- Finance
  
  Goldman Sachs
  
  The bank, which has 6,000 U.K. staff, has reported that it will move 700 jobs. ⭢
  
  Staff relocation: 700
- Finance
  
  HSBC
  
  The bank, which has 5,000 U.K. staff, has reported that it will move 1,000 jobs to Paris. ⭢
  
  Staff relocation: 1,000
- Finance
  
  JPMorgan
  
  The bank, which has 16,000 U.K. staff, has asked 300 investment banking staff to agree to leave the U.K. in the event of a no-deal Brexit. ⭢
- Transport
  
  Jaguar Land Rover
  
  Britain’s biggest carmaker plans to cut 4,500 jobs globally, representing roughly 10 percent of its workforce, citing Brexit as an indirect factor. ⭢
- Finance
  
  Morgan Stanley
  
  The bank, which has 6,000 U.K. staff, has reported that it will move 280 jobs to Frankfurt and Paris. ⭢
  
  Staff relocation: 280
- Finance
  
  Nomura
  
  The bank, which has 2,300 U.K. staff, has reported that it will move 100 jobs to Frankfurt. ⭢
  
  Staff relocation: 100
- Transport
  
  Schaeffler
  
  The German maker of ball bearings, used in cars and the London Eye Ferris wheel, is closing two of its three U.K. production plants, which could cut its workforce by half. ⭢
  
  Staff relocation: 500
- Finance
  
  Societe Generale
  
  The bank, which has 2,000 U.K. staff, has reported that it will move 400 jobs to Paris. ⭢
  
  Staff relocation: 400
- Finance
  
  Standard Chartered
  
  The bank, which has 1,800 U.K. staff, has reported that it will move 130 jobs to Frankfurt. ⭢
  
  Staff relocation: 130
- Finance
  
  UBS
  
  The bank, which has 5,000 U.K. staff, has reported that it will move 200 jobs. ⭢
  
  Staff relocation: 200
- Transport
  
  Vauxhall
  
  Vauxhall owner PSA’s chief executive officer has said it will pull all production from Ellesmere Port and switch to mainland Europe if Brexit renders the plant unprofitable. Since October 2017, 650 people have lost their jobs at the factory where Vauxhall Motors builds Astra hatchbacks. ⭢
  
  Layoffs: 650
Warnings

Brexit Impact Tracker

How Businesses Are Preparing for Brexit, Deal or No Deal

Relocations and closures

Stockpiling

Plans on hold

Layoffs and staff movements

Warnings