35% of directors expect a No Deal Brexit to have negative impact
New research from Premium Credit, the UK’s leading premium finance company, amongst 183 board directors and senior management reveals 35% expect a no deal Brexit to have a negative impact on the companies they work for, with 14% saying it will be ‘very bad’.
However, 15% believe it will have a positive impact on the organisations they work for, and 36% expect no change at all.
In terms of how prepared they think the organisations they work for are for Brexit, 23% say they are ‘very prepared’, and 37% ‘quite prepared’. Just 21% don’t think they are ready.
As part of their preparations for Brexit, several companies have stockpiled goods, and in many cases, this has negatively impacted their cash flows. Premium Credit’s research reveals 48% of board directors and senior managers who work for companies that have stockpiled goods say this has meant their employers have put expansion plans on hold. Some 39% say it has adversely affected sales, and the same number say it has resulted in a recruitment freeze.
Adam Morghem, Strategy and Marketing Director at Premium Credit said: “The effects of Brexit stockpiling are far and wide. One of the biggest implications has been the negative impact on cash flows, and what this means for the day-to-day running of companies.
“In many cases they turn to credit more to help pay for vital services, including insurance cover, and we have seen a rise in business’ considering our specialised services as a result.”
Premium Credit is the market leader in the UK and Ireland and the only premium finance provider accredited by BIBA.
Premium Credit is the leading provider of premium finance in the UK and Ireland, and the only company endorsed by the British Insurance Brokers’ Association.
Premium Credit is authorised and regulated by the Financial Conduct Authority, and work with over 3,000 producers of all sizes. They serve over 2.2 million customers, process 26 million direct debits and receive advances of £3.4 billion.
For 30 years, Premium Credit has led the market through thought leadership, innovation and technology and have helped their partners offer finance compliantly to their customer through face-to-face, telephony and online channels.
Premium Credit continue to invest to ensure we provide a quality service and support that helps companies grow their business and commission. From the delivery of seamless customer journey, which includes real time decisioning for financing and 24/7 account servicing, to consultation that improves the offer of finance to customers, Premium Credit are committed to growing the premium finance market.
Their Specialist Lending division also provides finance to pay other annual costs, such as professional fees, membership subscriptions, commercial service charges, golf clubs and school fees.
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