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Many UK companies are looking to relocate abroad because of fears over Brexit


Many UK companies are looking to relocate abroad because of fears over Brexit and Radstones are currently handling the move of an established London company to Italy.

An Institute of Directors (IoD) survey found that 16% of company directors already had plans to relocate at least part of their business in other countries while 13% were actively considering a move.

Recently many large companies have publicised their plans or described the threat to their profitability posed by staying in the UK in the event of a no-deal Brexit. The survey revealed that far more small firms (15% as opposed to 7% of large firms) than previously were now actively exploring their relocation options, while 8% had already moved.

Two-thirds of exporters to the EU were looking to relocate overseas, and just under half of IoD members who are engaged with contingency planning have examined the feasibility of moving operations. The EU was by far the most common destination for firms looking to move.

The sectors where most firms were making relocation plans were manufacturing (41%), information and communications (46%) and professional, scientific and technical (41%).

Planning in the financial sector was most advanced with 17% having already relocated part of their operations abroad and 14% either considering or planning a move.

In a 31-month period following the Brexit vote, the agency claims between 95 and 100 companies created a new legal entity in Brussels.

The IoD survey was conducted between 17 and 19 January and involved 1,200 company directors.

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