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

The Pink Panther wafer will be no more.
|
<strong>Rivington Biscuits make Pink Panther wafers.</strong>
Rivington Biscuits make Pink Panther wafers.
Monkey Business Images via Getty Images

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”.

<strong>The Rivington Biscuit factory.</strong>
The Rivington Biscuit factory.
Google

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%.

Before You Go