Irish Firms Plot UK Takeovers To Skirt Tariffs Post-Brexit
The Irish Times has a story about how Irish companies are considering acquiring UK businesses to a) take advantage of the weak pound and b) “skirt possible trade obstacles post-Brexit”.
“More and more clients are asking us about UK acquisitions because if they are selling within the UK they’ll be able to avoid currency risk and cross-border tariffs after Brexit,” said Michael Costello, managing partner at BDO in Dublin.
“We have received a number of mandates since the Brexit vote to identify suitable targets, mainly in technology, engineering and the agri-food [sectors].”
The prospect of tariffs being imposed on goods and services being traded between the UK and the European Union has increased in the past month after British prime minister Theresa May outlined a tough stance on immigration controls on October 2nd, putting the country on course for a so-called “hard Brexit”.