Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Pernod stocks drinks cabinet to prevent no-deal Brexit headache

Published 30/01/2019, 13:12
Updated 30/01/2019, 13:15
© Reuters. FILE PHOTO: Bottles of Chivas Regal blended Scotch whisky, produced by Pernod Ricard SA, are displayed on the campus of the HEC School of Management in Jouy-en-Josas, near Paris

© Reuters. FILE PHOTO: Bottles of Chivas Regal blended Scotch whisky, produced by Pernod Ricard SA, are displayed on the campus of the HEC School of Management in Jouy-en-Josas, near Paris

LONDON (Reuters) - Pernod Ricard (PA:PERP) has begun shipping extra stocks of some alcoholic drinks between Britain and continental Europe as part of its contingency plans in case of a no-deal Brexit.

The maker of Chivas Regal whisky in Scotland, Perrier-Jouet champagne in France and Campo Viejo wine in Spain has taken "progressive" steps in some markets in recent months, a spokesman told Reuters on Wednesday.

With Britain at risk of leaving the European Union without a deal after lawmakers demanded Prime Minister Theresa May renegotiate an accord with the rest of the bloc, Pernod is not alone in increasing stocks to avoid potential border delays for imports and exports.

L'Oreal said last week it was stocking up on cosmetics in Britain, and other firms including Nestle, Burberry and Airbus have also increased stocks ahead of the March 29 Brexit deadline.

"In some markets we've already done it, in some markets no," the Pernod spokesman said, without giving details on specific brands or markets. "There is no panic. It's just a plan to avoid any disruption of our distribution."

© Reuters. FILE PHOTO: Bottles of Chivas Regal blended Scotch whisky, produced by Pernod Ricard SA, are displayed on the campus of the HEC School of Management in Jouy-en-Josas, near Paris

Pernod, which is a major whisky producer in Britain, had not rented any new warehouses to stock mountains of bottles, the spokesman said, adding that the firm hoped that a divorce deal will be agreed between Brussels and London, echoing other makers of Scotch, Britain's biggest food and drink export.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.