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Gloucestershire's Renishaw stockpiling ahead of Brexit

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The company has a Brexit steering group which assesses the potential impact on the group

An engineering firm in Gloucestershire says it is stockpiling products ahead of Brexit.

Renishaw, based in Wotton-under-Edge, is in the process of creating a distribution warehouse in Ireland.

Stockpiling goods in Ireland would mean avoiding any potential trade tariffs after the UK leaves the EU.

Renishaw, which currently employs almost 2,500 people at its five sites in the county, said it was assessing the potential impact of Brexit.

The Brexit risks identified include uncertainty over growth, inflation and currency rates, changes to UK and EU-based law and regulation over product approvals, patents and import/export tariffs.

It said it was also considering the availability of talent in the workforce, potential changes in customer buying patterns and delays in customs and border clearances.

In the company's interim report for 2019, it states: "With a strong direct presence in the EU, the board believes Renishaw is well placed to respond to changes to future trading arrangements between the EU and the UK.