‘Modest’ Brexit impact for Greencore

Convenience foods firm Greencore, which only this week bought out another sandwich maker in Britain, said it will likely avoid any immediate big hit from the slump in sterling this year, though its debt load could rise in the longer term.

Sterling’s precipitous drop of 11% since the June 23 Brexit vote has implications for many manufacturers in Britain because it threatens to push up their raw materials and energy costs.

However, Greencore, which makes millions of pre-packed sandwiches, quiches, and other ready meals for grocers and coffee shops in the UK and the US, said there will likely to be no effect from sterling’s depreciation, though its debt could be higher than anticipated “due to translation of US dollar denominated borrowings”.