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roundtable


the EU, given the tiny relative sizes of, say, the Middle Eastern and South American markets. Echoing Stoter, he pointed out that a company might achieve 5% growth in established markets, but 1,000% growth in new ones.


“We have been programmed to focus on exports to the EU over the past 40 years – it has become the ‘path of least resistance’ for exporters. However, once that resistance becomes greater, so will the relative attraction of opportunities outside of the EU.


“That is not to say that we should lose focus on the EU market. It remains large and attractive, and we have many fantastic trading relationships here. It is more about broadening our outlook and properly investigating the global opportunities.”


Margaret Romanski, CFO of Designers Guild, outlined a slightly different expansionist view in respect of her company, for whom exports represent c 65% of turnover, with Europe the largest single trading block. “Yes there are opportunities in countries such as USA, Australia, Middle East, Asia … , but one cannot assume that these will automatically replace Europe for us. Some markets can carry their own particular challenges. For example, in the Far East they spend a lot of money on branded products but tend to favour those that are readily visible, eg fashion, rather than within the home. I expect Europe to remain a big market for us although there will probably be additional costs of doing business given increased non-financial barriers to trade. It’s something we’ll have to adapt to.”


Alex Tatham, managing director, Westcoast, also put forward the argument for doing more business in Europe going forwards. “I hate to disappoint you ... but we (Westcoast) will stay in Europe and look to expand – we already act in a pan-European way and unless we buy a non-EU business, I can’t see that changing in the near future. Our worry will be how we move goods between countries, but I can’t see huge trade barriers as an obstacle and when (or if) they do occur, there is always a way around them. I’m very optimistic.”


Ian Jenkins, director of global trade, Charles Kendall Freight, observed that there was a danger of obsessing too much about what might happen post-Brexit. He pointed out that the US was already acutely aware of Brexit, given its links with populism and the rise to power of Donald Trump. However, there had been no decline in volumes Stateside and there remained a great trust and respect for UK businesses.


“It’s all too easy to become like ‘Chicken Little’ and keep worrying about the sky falling down.”


Domenico Sansalone, corporate treasurer,


Expro Group, agreed that there had been “a lot of ink spilled on Brexit”, and that trade agreements had existed before the UK entered the EU and would continue to do so afterwards..


“As a UK service company a substantial portion of our cost base is sterling denominated, so we’ve already benefited from the exchange rate effect in the short-term ... Having limited exports into Europe I remain vigilant on the potentially more insidious effects of Brexit, including increasing cost of capital and frictions around the free movement of a specialised work force”


Chris Towner, managing director, HiFM, approached the issue from a currency perspective, arguing that the 2008 credit crisis was a global disaster but that most companies had managed to weather the storm, with currency volatility actually creating opportunities for those brave enough to grasp them. He finished with a thought for the near future: “Remember that there are EU elections this year, and that Brexit will be a major topic – there is so much mutual interest. EU politicians will be forced to answer the question, ‘Why would we want to isolate the UK?’”


Taylor rounded off this particular discussion by pointing out that, in his view, it was a question of balance, of continuing to do business in the EU while looking for new opportunities elsewhere. He noted that the EU would still be there in five years’ time, and that the UK would still be trading with it, offering the following advice: “Make sure that your customers in Europe know that you still love them, and that you view them as an investment for the future. They are investing in you as much as you are investing in them; you can go through this process together and emerge stronger at the other end.”


Present and future threats


A very significant threat, according to Stoter, is the UK banking system, which should be supporting UK exporters but, according to what he is told by SME business owners, has ended up hindering them.


“I talk to a lot of companies who want to export, but the banks’ risk appetite has decreased so significantly that smaller businesses have just been strangled from a debt and working capital point of view.”


Tatham picked up the banking theme: “I don’t just blame the British banks ... the French were awful when we were setting up there; I must have sworn in front of so many French notaries that I’m almost fluent now.”


Ward had a much scarier story, about how she had inadvertently logged onto her business banking account whilst on a


Continued overleaf ... THE BUSINESS MAGAZINE – THAMES VALLEY – MARCH 2017 businessmag.co.uk 21 Stuart Stoter


David Taylor


David Shaw


Domenico Sansalone


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