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| Majestic Wine to stockpile 1m extra bottles of wine for no-deal Brexit | |
| (35 minutes later) | |
| Majestic Wine is to stockpile more than 1m extra bottles of wine from France, Spain and Italy as part of its emergency planning in case there is no Brexit deal by March. | Majestic Wine is to stockpile more than 1m extra bottles of wine from France, Spain and Italy as part of its emergency planning in case there is no Brexit deal by March. |
| The retailer said it would increase stock levels in UK warehouses by £5m-£8m early next year “in order to mitigate any potential supply chain Brexit disruption in March 2019”. This equates to 1m-1.5m extra bottles of wine from EU countries. | The retailer said it would increase stock levels in UK warehouses by £5m-£8m early next year “in order to mitigate any potential supply chain Brexit disruption in March 2019”. This equates to 1m-1.5m extra bottles of wine from EU countries. |
| The company normally holds £100m of wine and sees the increase as a sensible precaution to ensure it can keep selling European wines if border checks cause lengthy transport delays following the UK’s departure from the EU. Majestic said it has enough warehouse space to accommodate the extra bottles. | The company normally holds £100m of wine and sees the increase as a sensible precaution to ensure it can keep selling European wines if border checks cause lengthy transport delays following the UK’s departure from the EU. Majestic said it has enough warehouse space to accommodate the extra bottles. |
| Companies ranging from drugmakers to food and car manufacturers have started stockpiling goods in response to Brexit uncertainty. AstraZeneca, Sanofi and MSD are building up extra supplies of medicines, while Aston Martin and Bentley are stockpiling car components. Aston Martin has said it will fly parts in if needed. | Companies ranging from drugmakers to food and car manufacturers have started stockpiling goods in response to Brexit uncertainty. AstraZeneca, Sanofi and MSD are building up extra supplies of medicines, while Aston Martin and Bentley are stockpiling car components. Aston Martin has said it will fly parts in if needed. |
| Britain is running out of food warehousing space, as the owner of Cadbury’s, Mondelēz International, is stockpiling ingredients, chocolates and biscuits in case of a no-deal Brexit. Premier Foods, which owns Bisto, Oxo and Mr Kipling, and Ornua, the Irish company behind Kerrygold butter and many cheddar cheese brands, have also unveiled plans for stockpiling. Premier Foods expects to spend £10m on Brexit preparations. | Britain is running out of food warehousing space, as the owner of Cadbury’s, Mondelēz International, is stockpiling ingredients, chocolates and biscuits in case of a no-deal Brexit. Premier Foods, which owns Bisto, Oxo and Mr Kipling, and Ornua, the Irish company behind Kerrygold butter and many cheddar cheese brands, have also unveiled plans for stockpiling. Premier Foods expects to spend £10m on Brexit preparations. |
| Majestic, which owns the Naked Wines website, also warned of a tough retail market, with consumers under pressure from the rising cost of food, fuel and other essentials. Like other retailers, the company is also being affected by currency fluctuations, uncertainty around Brexit and increases in business rates. | Majestic, which owns the Naked Wines website, also warned of a tough retail market, with consumers under pressure from the rising cost of food, fuel and other essentials. Like other retailers, the company is also being affected by currency fluctuations, uncertainty around Brexit and increases in business rates. |
| Majestic has been selling more Hungarian, Bulgarian, Slovenian and Portuguese wines to customers looking for cheaper alternatives to French and Italian varieties. For example, a Slovenian pinot grigio costs £5 on average, about £1 less than an Italian one. | Majestic has been selling more Hungarian, Bulgarian, Slovenian and Portuguese wines to customers looking for cheaper alternatives to French and Italian varieties. For example, a Slovenian pinot grigio costs £5 on average, about £1 less than an Italian one. |
| The company made a pretax loss of £200,000 in the six months to 1 October, compared with a profit of £3.1m a year earlier. The worsening financial position was partly caused by increased investment in marketing and the Naked Wines website. Revenue rose 5.4% to £229.1m. | The company made a pretax loss of £200,000 in the six months to 1 October, compared with a profit of £3.1m a year earlier. The worsening financial position was partly caused by increased investment in marketing and the Naked Wines website. Revenue rose 5.4% to £229.1m. |
| Rowan Gormley, the Majestic chief executive, said: “We were planning for tough times and we’re investing through tough times because we know that’s the route to a more profitable future. As a result, we now have a business that is almost 45% online and over 20% international.” | Rowan Gormley, the Majestic chief executive, said: “We were planning for tough times and we’re investing through tough times because we know that’s the route to a more profitable future. As a result, we now have a business that is almost 45% online and over 20% international.” |
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