‘Unbelievable’ that hard Brexit is on the table, warns AB Foods
Finance chief says uncertainty over leaving the EU is hitting the group’s operations as UK food producer forecasts flat first-half earnings
London — It is “unbelievable” the British government is contemplating leaving the EU in March without a deal to smooth its exit, the finance chief of Associated British Foods (AB Foods), one of Britain’s biggest food producers, said on Monday. With only 32 days until Britain is due to leave the EU, Britain’s parliament is deeply split over how, or even whether, the country should leave the bloc. AB Foods owns the Primark fashion chain and food brands such as Ovaltine, Ryvita, Twinings and Jordans. It also owns major sugar, agriculture and ingredients businesses. FD John Bason said the uncertainty is affecting the group’s operations, noting it has packaged grocery-product exports in transit on the sea. “We don’t know now whether they will be considered to be an import from the EU or from a country that they haven’t got a trading relationship with,” Bason said after AB Foods updated on trading. Food supply chain “For it even to be contemplated — a hard Brexit where you’ve got no arran...
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