As a global supplier of ventilation and hardware products, the Directors of Titon Hardware Ltd regularly review the Company’s position regarding the UK referendum decision to leave the EU. The position of the UK following the 2019 General Election is now much clearer and the UK’s membership of the EU will cease on 31st January 2020 with an 11 months’ transition period during which time the majority of existing arrangements will remain as they are now. From 1st January 2021 it is anticipated that the UK’s relationship with the EU27 will be defined by a Free Trade Agreement (FTA) signed by the UK and EU before then although there is no guarantee that any FTA will be agreed. It is hoped that any FTA will include zero tariffs and minimum trade friction on industrial products.
During 2020 Titon plans to trade with all of its EU customers and suppliers on exactly the same basis as it currently does. Titon will carefully monitor any changes in these relationships for e.g. different logistics arrangements or product testing but it does not expect anything significant to change.
Titon will also follow closely the state of negotiations between the EU and the UK regarding any FTA and as these negotiations develop it will start to formulate its response, including if there is no deal. In preparation for the possible earlier exits in 2019 Titon took a number of actions to ensure that it was well placed to trade with our EU customers and suppliers with the minimum of friction and all of these actions remain in place, apart from the additional stock, which has now been absorbed into our normal purchasing needs.
We remain committed to trading with our partners in the EU and value highly these relationships. Please do not hesitate to contact us if you have any questions or concerns, or if you would like to discuss any aspect of this in further detail.
Chief Executive Officer
Titon Hardware Limited