Following the vote to leave the EU on the 23rd June 2016, like all UK trade and commerce Ultra Finishing Ltd has been watching developments unfold closely.
Whilst we have a new Prime Minister and the FTSE 100 is trading more positively than initially expected, the pound does continue to trade weakly against foreign currencies, most significantly the dollar. Thankfully it would appear the free fall has now stabilised but this still leaves the value of the pound at its weakest for over 35 years. Like many other businesses we trade in dollars and have experienced over a 10% increase in our cost prices. Additionally, we have started to witness increases from other UK suppliers.
We are however pleased to confirm Ultra Finishing has been working extremely hard on various cost saving initiatives which has allowed us to lessen the impact on our customers. We are now in a position to share our plans for the coming months.
August - 5% Surcharge
We have revisited our plans to implement a 10% surcharge for August and are pleased to confirm this will remain at the 5% set for July.
We will continue to request authorisation you accept the prices before we release your order for despatch to avoid any future price queries.
The surcharge will be visible on your order confirmation as a separate line. To avoid any future price queries we require confirmation you accept the surcharge. There are two options;
- Send an email to email@example.com confirming you accept the surcharges on all your orders (5% August) making sure you provide your full business address with postcode
- On an order by order basis sign the order acknowledgement and return it to the Internal Sales office (or email your acceptance with the order).
Orders will only be despatched once the Sales office receives this confirmation.
The surcharge applies to all your net buying prices including standard terms, collections, special prices, bulk pricing and CIF/door to door (£) container pricing.
The quarter two bulk prices will remain valid in August but as highlighted above are also subject to the surcharge.
September - 7.5% increase on retail prices
Prior to Brexit we had previously reduced our retail prices on average by 15% in our new brochure. We are delighted to announce we can still retain lower retail prices than those in circulation pre-June and will only introduce a 7.5% increase to our current retail prices from September.
The new retail prices will be effective for new orders placed from 1st September 2016 and your terms remain unchanged. Please click the link for a copy of the new September Retail Prices. A reprint of the new brochure will be available late August to reflect these price changes.
From 1st September there will no longer be the need for the surcharge and it will be removed from all pricing.
The longer term implications are still unknown but please accept our reassurances we will continue to monitor exchange rates and other external factors closely to take the appropriate steps to remain exceptional value for money with fair and equitable pricing.