Eight small businesses talk about the likely impact of the Brexit result

Here, we speak to small company owners and managers about the likely affect the Out vote will have on the running of their business.

Andi Lonnen, founder of Finance Training Academy Ltd

‘I have concerns regarding the impact of Brexit on my financial training company – if we enter recession again, as predicted, one of the first costs to be cut is always training.

When my training benefits so many people around the UK and provides work for my associate trainers, this would be a bad result.

I also recently started to deliver training in Europe and I’m not sure if this will now continue.

On the positive, maybe good financial training will now be in demand as companies work to find yet more ways to cut costs!’

David Raymond, managing director, Embark Resourcing Ltd

‘As an owner of two small businesses I am concerned for the future, but so long as we have clear leadership and the process of our departure from the European Union is carried out in a careful and considerate way, then we can make this a positive outcome for the United Kingdom.

Our focus should be on our trade agreements with Europe, but more importantly our trade and immigration with the commonwealth and the rest of the world’

Shak Zaman, founder of investment and accountancy firm Brookman

‘Today’s result has made London an unattractive place for start-ups. Lots of the technology companies are based here for the proximity to finance sources, customers and financial and regulatory benefits of EU membership such as import tax.

Companies headquartered outside Europe have until now chosen London as the destination for their headquarters.

The destabilisation of banks will make it harder to secure lending and could prevent new talent from coming to the UK.

The brain drain will make this all around less attractive for startups and business innovation’

Karla Jobling, COO of recruitment company BeecherMadden

‘BeacherMadden were backing the remain vote and hope that we can have some stability in our economy, although this looks unlikely.

Our customers have already told us that jobs are at risk, which threatens our business as recruiters.

We will be accelerating our international growth plans as a result of the vote’

Cheryl Clarke, founder of wellness company City Calm

‘I run a Wellness Company, which is working towards expanding its community to cities all across Europe.

We are in the process of setting up pop-up Mindfulness Hubs using creativity, art and music to teach Mindfulness.

With this result we are going to have to rethink our strategy; this might not be the right time to expand.

We can’t make business decisions without understanding the full extent of what is going to happen. Luckily we are a small company and so we are agile and able to shift our focus.

City Calm stands for peace and connection, and at this time perhaps sending more of that message to the UK is a good way to go’

Charles Astwood, managing director of pet accessories company Pet Runway

‘As a small business importing from not only Europe but the US and China where most goods are priced in dollars, the fall of the pound against the sterling today has increased costs dramatically, and at such a level that a price rise to the consumer is required.

With talk that the pound will take months to return to previous levels this is the first of I think many worries that will hit the end consumer over the coming months’

Saj Devshi, director of student resource site Loopa Psychology

‘Ultimately this isn’t a good thing for us. We provide resources for students studying A levels and education is a massive draw for families to come here.

Less students equals less customers for us’

Simon Lomas, owner of lifestyle clothing store Bluewhiteandgrey.com

‘Although our business is likely to be unaffected in the short-term the longer-term implications could be disasterous.

I find the uncertainty surrounding the future of the UK very disturbing and i am now thinking whether running an SME is the right course of action moving forward.

I can see many SME’s suffering as a result of Brexit!’

Further reading on Brexit 2016

Ben Lobel

Ben Lobel

Ben Lobel was the editor of SmallBusiness.co.uk from 2010 to 2018. He specialises in writing for start-up and scale-up companies in the areas of finance, marketing and HR.

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