TLE Property

Business owner moving multi-million pound empire to Spain because of Brexit

A business owner has said he will be moving his multi-million pound empire to Spain because of Brexit.

Speaking to LBC’s James O’Brien he said he has already begun the process of moving his business to Spain, regardless of the outcome of the negotiations.

Despite firms remaining relatively upbeat amidst the uncertainty that is to come there are several instances of economic aftershocks been seen.

The number of deals between large and small UK businesses dropped dramatically due to the economic uncertainty caused by Brexit, down 28 per cent year-on-year and mirroring the disappointing run of business investment results since the referendum.

The LBC caller said: “I was one of the 48 per cent who really didn’t want to leave, and post the decision, my company will be leaving the United Kingdom.

“We’ll be actually going to Spain.”

James replied:”Oh.”

He added: “We do a bit of pantomime on this programme, obviously a little bit of provocation, and then someone like you rings in and reminds me this is the cold, hard reality for people, and for you it’s a commercial decision, for other people it’s uprooting their entire families.”

“We had no choice…simply because of what happened to the pound against the euro.”

James said: “So that’s all your taxes, their taxes, corporation tax, income tax, all taxes now going into the Spanish exchequer.”

Yep…. all £180 million of it.

2 Responses

  1. leo

    i’m beginning think the caller to the radio programme may not have been all that he said he was.. In the article, the business owner concerned says: “We had no choice…simply because of what happened to the pound against the euro.”. From a layman’s (me) view , this seems odd as currencies fluctuate in their values, relative to each other, all the time. Surely a business that contributes 180 million pound to treasury each year is big enough to have had a strategy ready to be rolled out in case these (inevitable) fluctuations occur ? if not, why not? they happen all the time, and are apparently CRUCIAL to your business! After ‘brexit’ ,the pound fell approx 8% against the euro (and had fallen FOUR TIMES as much in the preceding year anyway, due to ‘austerity’) the pound has more or less held that level in the near 12 months since. Also, if Labour are in power some (JP Morgan) in the financial world says that it expects the pound to rise quite significantly because they believe that the “brexit” deal negotiated will be far softer (less damaging to the uk). So, any CEO , CFO, COO who ignored these rather vital facts (for that particular business) appears not to be doing his/her job very well. i smell a rat, these people simply don’t overlook stuff like that. especially when the business , apparently, will be forced to move overseas if they get it wrong.

  2. NeilDooley

    A business owner
    I could ring up and claim to be a business owner. Which business, where is this located and why would the owner of said business be bothered with phoning a radio station when he has a multi million pound business to run .
    It’s a bogus call from some remoaner trying to back up claims that this would happen after brexit

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