‘Every UK warehouse full’ as companies prepare for no-deal

AS THE prospect of a no-deal Brexit looms “every warehouse” in the UK is full, the chief executive of Irish insulation giant Kingspan has warned.

Gene Murtagh said many companies have been stockpiling ingredients, raw materials and other goods in efforts to prepare for the UK crashing out of the European Union.

“There’s a lot of pressure around warehouses – on the positive,” said Mr Murtagh in relation to the UK.

“Pretty much every warehouse in the country is full, so that side of the business actually has been reasonably stable and the pipeline is looking positive. A lot of that will depend on what the outcome of the ongoing negotiations are,” he said.

The doomsday no-deal scenario has already seen groups such as Irish sandwich maker Greencore – whose chief executive is Patrick Coveney – build up stocks of everything from frozen prawns to packaging. ‘Positive’: Gene Murtagh

It has also said it might airlift some ingredients into the UK if a hard Brexit hits commercial traffic.

The chief executive of Irish nutritional, cheese and food ingredients group Glanbia, Siobhan Talbot, also told the Irish Independent this week the company has been stockpiling some raw materials and finished goods in preparation for a possible hard Brexit.

Cavan-based Kingspan, a global maker of insulation and other products used across the construction sector, generated 21pc of its €4.4bn revenue in the UK last year.