Wyke Farms, one of the country’s top cheese producers is still in the dark on what to do next as the country is heading towards the separation of the European Union. The Somerset-based company said that that unavailability of a clear Brexit plan has made the company stagnant in making any business moves due to the uncertainty of the situation. Early in the year, the company has announced a new dairy expansion project plan which is supported by increasing volume production and strategically targeting specific regions worldwide.
The company’s expansion plan was to increase the brand presence in different export markets. However, the company’s Managing Director Richard Clothier has told the media that the current economic uncertainty and the lack of transparency with regard to the future EU relationship have made it difficult for the company to give update on their Brexit plans. Mr. Clothier added that the company should know the next steps to do, and the delays must be avoided at all costs as decisions have not been made and investments are not happening at all.
Wyke Farms saw a record-breaking turnover to the tune of €85 Million which is a 26% increase in the year ending on March 31, 2018. Nevertheless, the country’s largest independent cheese producer still remains cautious upon the finalization of the Brexit.
Mr. Clothier added that the company’s strategy of selling in the growing export market has been thriving although the company’s top executive is not too optimistic with regard to the future of the market outside Europe. He further said that Europe is still the biggest market in which the company should focus its trades and investments. He concluded that a business deal that would maintain their access to the EU markets and the ability to do trades market outside of Europe is the ideal outcome that the company is hoping.