Domino's spends £7million stockpiling pizza toppings in case No Deal Brexit disrupts supplies

Mail Online | 6/30/2019 | James Wood For Mailonline
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Domino's has spent £7million stockpiling pizza toppings including tomato sauce and frozen chicken in case a No Deal Brexit disrupts supplies.

The pizza company made the announcement today in its interim results for the 26 weeks ending June 30, 2019.

'£7million - Increase - Inventory - Levels - Brexit

It revealed it had conducted a '£7million increase in inventory levels for Brexit planning' on imported ingredients including tuna and pineapple.

And has had to buy up extra tomato sauce, as this is imported from Portugal - unlike the flour and cheese used in its pizza bases.

Company - Debt - £182 - Results - July

The company revealed its net debt, which rose to £238.8million from £182.1million compared to its previous results ending July 1, 2018, had been impacted due to 'Brexit-related stock building'.

It added: 'A potential no-deal Brexit carries the increased risk of disruption to raw material supplies into the UK and foreign exchange volatility which could increase food costs.'

Boris - Johnson - Britain - European - Union

Boris Johnson has promised to take Britain out of the European Union by October 31 with or without a deal. But a no deal Brexit could have a severe impact on importers of perishable foods in Britain.

About 28 per cent of Britain’s food comes from the EU and some fresh vegetables and fruit could become more expensive.

Announcement - Domino - Executive - David - Wild

The announcement came as it was revealed Domino's chief executive David Wild is to step down from the business after five years at the top.

Any Brexit disruption could add to the company's ongoing disputes with franchisees and difficulties expanding beyond the UK.

Wild - Tenure - Finance - Directors - Year

Wild's tenure has seen him get through four different finance directors, while the past year has been defined by a row with franchisees.

Store owners have been demanding a bigger slice of the company's profits in response to the pressure to open more stores.

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