NEWS

Pound To Euro Exchange Rate Since Brexit Forces Wigan Biscuit Company To Cut 99 Jobs

The Pink Panther wafer will be no more.

15/12/2016 15:03 | Updated 15 December 2016
Monkey Business Images via Getty Images
Rivington Biscuits make Pink Panther wafers.

Almost 100 jobs are to be lost in Wigan after a biscuit manufacturer went into administration citing the falling pound in the wake of Brexit as the cause.

Rivington Biscuits, which makes Pink Panther wafers, suffered a “sustained deterioration” in its financial situation since the EU referendum.

Wigan voted overwhelmingly in favour of Leave (63.9% to 36.1%).

The company will lose 99 of its 123 staff but will “fulfil orders into the New Year”.

A spokeswoman for administrator FRP Advisory said such businesses had “experienced particularly challenging trading conditions” and been “left with no viable alternative other than to seek the protection of administration”.

 

Google
The Rivington Biscuit factory.

She added: “The problems were compounded by the sharp decline in the value of the pound against the euro.”

Not everyone was distraught at the news.

The pound saw a steep drop in the wake of the EU referendum vote which was exacerbated by a “flash crash” on 7 October, its lowest level in three decades.

It has rallied somewhat recently as inflation increases but is still far below pre-referendum levels. 

As well as business, it has also had an effect on British holidaymakers.

Brexit, the rising cost of oil and increased global insecurity could have a dramatic effect in 2017 with four in five travel companies warning of a substantial price hike.

Research by Travelzoo suggests the average vacation next year could be at least 10% more expensive with some operators predicting an increase as high as 20%.

Suggest a correction
343 Comments

CONVERSATIONS