The director of a North East workwear manufacturer has revealed the Brexit vote has already impacted his business due to rising costs of imports.
Alex Ingham, managing director of Thornaby-based M.I. Supplies, says the company will lose approximately £170,000 this year due through an increase in importing materials, as a direct result of the falling pound – a loss equating to around a tenth of the its costs base.
However, Mr Ingham says he has already absorbed the price hikes so that he doesn’t pass it on to his customersmand that the company’s strong performance of recent years has put it in good shape to deal with the challenge.
