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BDA Prepares for Brexit

March 14, 2019

Published in Promogram
By Christopher Ruvo


Brexit Causing Concern, Prompting Action From Promo Firms

The United Kingdom is poised to break from the European Union on March 29.

Uncertainty over potential fallout from the United Kingdom's planned departure from the European Union (EU) is causing headaches for promotional products firms on both sides of the pond, compelling companies to take what proactive steps they can to overcome possible negative impacts.

"Brexit", the shorthand for Britain's looming exit from the EU, is scheduled to occur on March 29. The pending breakup has spawned a host of complications, including what future trade terms will look like between the U.K. and EU – an economic and political partnership of 28 European countries that's effectively created a single market, enabling goods and people to move around as if part of the same country.

As of this writing, there was no deal in place on trade and other issues. Muddying the waters even more is talk that the March 29 exit could potentially be delayed to a later date. All that has left businesses, including promo firms, in limbo.

Possible Impacts, Prudent Preparation

"We're concerned for a number of reasons, but primarily because of the unknown," Jay Deutsch, CEO of Top 40 distributor BDA (asi/137616), told Counselor.

Washington-based BDA has a strong presence in the U.K., having opened an office outside of London in 2016 and having acquired two British promo firms in 2017. "It's hard to prepare for something that's unprecedented," Deutsch said, "but we're paying close attention to the situation and are working with our clients and supply chain partners to anticipate impacts. We're also reviewing all of our compliance requirements from an accounting perspective, as well as ensuring that we're well-positioned geographically to support our clients."

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© 2019 Bensussen Deutsch & Associates, LLC.

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