GRAHAM HISCOTT ‘Catastrophic’ Brexit threat Trade doubts already denting car firms

A NO-DEAL Brexit would be “catastrophic” for UK car firms, with more than half already suffering, a trade body has said.

The head of the Society of Motor Manufacturers and Traders yesterday ramped up warnings about crashing out of the EU next March.

Mike Hawes, chief executive of the SMMT, told an industry event: “Plants will close, jobs will be lost.”

His warning came as a survey of SMMT members found 74% fear a no-deal Brexit would harm their business. Around 8% said it would be good for them, nearly 10% believed it would have no impact and the rest were unsure.

Meanwhile 55% said their operations had already suffered as a result of uncertainty about future trading arrangements. Nearly a third have postponed or cancelled UK investment decisions due to

Shares in bakery chain Greggs leapt yesterday after it upped its full-year profit outlook.

The increase – from a previous £81.8million to £86m – follows strong autumn sales.

The chain, which has more than 1,900 shops, saw takings grow 4.5% in the eight weeks to November 24. Brexit, with one in five having already lost business as a direct consequence. More than half said they had put contingency plans in place, with 12% relocating operations overseas.

The survey adds to mounting warnings from industry chiefs about the ending of so-called frictionless trade with the EU.

The sector employs 856,000 people and is worth £20.2billion to the economy.

Of the 80% of Uk-made cars that are exported, most go to the EU.

Tony Walker, SMMT president and managing director of Toyota Motor Europe, said: “No deal is not an option. In the short term, crashing out of the EU would have immediate and devastating impacts.

Disruption could last for weeks, even months.”

Former defence secretary Michael Fallon yesterday warned the current Brexit deal was “doomed” and must be renegotiated.

Parliament is due to vote on the terms of the PM’S deal on

December 11.

Topps Tiles is the latest firm to reveal it’s stockpiling supplies ahead of Brexit. The flooring chain said it would increase stock levels of “key selling lines” ahead of March 2019. It came as Topps Tiles unveiled profits tumbled 25% to £12.7million for the year to September 29 as it absorbed the costs of integrating newly bought commercial business Parkside. Fashion firm Quiz aims to ramp up its own online sales after half-year profits slumped 11% to £4.2million.The chain blamed weak takings through third party websites, including House of Fraser.Founder Tarak Ramzan said it wanted to generate 60-70% of online sales through its own site in future, up from 50% now.Quiz, which sources 45% of stock from UK factories, has 70 stores of its own and 160 concessions in the likes of Debenhams and Sir Philip Green’s Outfit shops.Analysts reckon store sales slumped in recent weeks. NOT SO SPARKLING Quiz profits are down

The number of house hunters has slumped to a six-year low. The average estate agency branch had 294 would-be buyers on their books last month, down 13% on September.There was also a 13% drop in homes for sale – from 46 to 40 over the two months, according to the National Association ofEstate Agents.