One of the UK’s largest suppliers of fasteners and fixings, Hexstone, has put over £3 million extra stocks in place as a contingency for Brexit difficulties in the supply chain.
As part of its plans to overcome potential disruption, the company is also in the process of becoming an HMRC Authorised Economic Operator to grant it ‘fast track’ clearance at ports.
The measures were revealed to Hexstone customers this week in a statement, which is reproduced here:
As the chaos in Westminster continues, the risk of disruption to supply chains caused by Brexit increases. Whilst most of the fasteners and fixings sold in the UK are sourced from the Far East, not Europe, the risk of port disruption affecting all imports, not just those from Europe, is very real.
At Hexstone, trading as Owlett-Jaton, Icon and STF, we have put in place contingency plans which will ensure we can continue to supply our loyal customers. We have increased our stock levels substantially, with over £3m of additional stock either already in our warehouse or on its way. All of the additional stock will be in place before the planned Brexit date of 29 March 2019.
We are also well on our way to becoming an HMRC Authorised Economic Operator. This will grant us ‘fast track’ clearance at the ports and ensure that in the case of any disruption our imports are prioritised for clearance.
Hexstone is a financially very stable business, with substantial cash reserves – over £18m as reported in our filed accounts at Companies House. You can have complete confidence that even in the event of substantial disruption we will continue to be able to support you and your businesses.
Whilst we might all hope for the best in the case of Brexit, Hexstone has planned for the worst to ensure our loyal customers are protected.
Ian Doherty
Chief Executive
December 2018