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Client Solutions

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‘Significant Funding Secured’

Maximum £50k Brexit Support Attained

PKF-FPM were engaged by O’Neill’s Irish International Sports Company Limited, the largest family-owned sporting goods manufacturers on the Island of Ireland. Our job was to assess the likely impact of a no-deal Brexit on their business, while also identifying critical actions required to mitigate Brexit risk with funding resources available, to make the Business ‘Brexit Ready’.

The Challenge

The company, which trades primarily in the United Kingdom and Europe with some additional global sales, hosts its main manufacturing facility in Northern Ireland, while its supply chain draws materials from multiple international cross border locations.

Due to the uncertainty surrounding the terms on which the UK leaves the European Union and the negative impact such changes could have on the all Island economy and GB market place, the company established an inhouse Brexit team who engaged PKF-FPM to Brexit Proof their business by identifying all risks and financial impact presented by a No Deal scenario, coupled with solutions and funding resources to minimise the threats.

How our services have helped

PKF-FPM’s Cross-Border Brexit Team analysed all areas to ensure the trading stability, future growth and continued competitiveness of the business. Everything from corporate structure to supply chain, currency management to cross-border transactions. Key risks identified by the team included the additional bureaucracy and financial implications a no deal scenario would have on manufacturing costs, heightened by the number of times raw materials crossed various borders whilst still in the manufacturing process.

The Outcome

Designing a solution which concentrated on Outward and Inward Processing Reliefs in both the UK, Ireland and the wider EU, PKF-FPM embedded agility and safeguarded the Business, making them Brexit Ready no matter what the outcome. An application was then presented to Invest Northern Ireland under the Brexit Preparation Grant, outlining the various risks and solutions. PKF-FPM was successful in securing the maximum Brexit grant of £50k for the client.

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PKF-FPM Accountants Limited and PKF-FPM Accountants (Ireland) Limited are part of the PKF-FPM Group, branded PKF-FPM which is regulated by Chartered Accountants Ireland. PKF-FPM is a member firm of PKF International Limited.

© 2019 PKF-FPM Accountants Ltd