Concerned about rising prices following the Brexit vote? Take a look at our latest press release below:
Bonningtons, the Nottingham based garden products supplier has been preparing for the possibility of Brexit and they’re now in a good position to support customers through what is bound to be a turbulent few months.
Ian Fisher, owner and chief executive says “We’ve been building contingency plans for some time and our buying team have made several extra trips to the Far East to line up some great deals. Our 20-strong China team are working on an aggressive sourcing plan that will help us to stabilise our landed costs.”
Bonningtons have several months US$ in hand purchased at favourable exchange rates, and an additional £6million stock holding to see them through the early part of the next season.
Additionally, they have recently secured a great new freight deal which is delivering savings to help offset the challenges faced in exchange rate fluctuations.
Ian goes on to explain “The great news is that over the past few months we’ve invested significantly in the future development of the business, adding new brands, new products and a raft of new process and support systems to bring Bonningtons to a whole new level. The business has grown very rapidly in the past couple of years and we’re ready to move on to the next stage. I’m not going to allow market volatility and uncertainty prevent us from achieving our goal of £50m within the next 2 years.”
Sergio Tartaglia, Bonningtons Sales Director added “So, whilst we can’t predict what will happen to future rates, nor can we guarantee complete price stability, we have done everything we can to maintain our competitive pricing. We’ll be sharing our new plans and the exciting future for Bonningtons with all our customers at GLEE and I’m looking forward to the next phase of our exciting growth plans.”
Bonningtons, one of the UK’s fastest growing SMEs will be at SPOGA GAFA 4 – 6 September 2016, GLEE 12 – 14 September 2016, Harrogate Christmas & Gift Fair, 8 – 11 January 2017r and Spring Fair, 5 – 9 February 2017.