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€110 million 'Get Ready for Brexit' ad campaign launches in the UK

How Wrightbus took the wrong turn | Irish Times |

How did Wrightbus, a winner of the Queen's Award for exporting, one of the UK's top industry accolades, take such a wrong turn?

Though Brexit has not yet come to pass, the company's demise is rooted in the 2016 vote by the UK to leave the European Union. The referendum outcome triggered a combination of factors that created difficult market conditions for the Wrights Group.


Now a very uncertain future awaits not just the company but its suppliers.

"Businesses in the supporting supply chain have been doing what they can to support the company over this past year in the hope the business can be saved," said Stephen Kelly of Manufacturing NI. "They too face some very uncertain months as they try to secure the money they are owed and replace the trade they have done with the Wrightbus.

"That won't be easy as there's a significant cooling of demand across the UK economy as Brexit bites and buyers reluctant to make big capital purchases," Mr Kelly said.


Questions are already being asked about charitable donations made by the parent company. Latest accounts for the Cornerstone Group Ltd. show that in 2017 - the most recent year for which accounts are available, it made charitable donations totalling more than £4.1 million to "fund the group's commitment to Christian evangelical and other charitable activities".

Those donations dragged a business that had been making profits of £10.86 million in the year of the Brexit vote to a loss of £1.7 million just 12 months later.

Revealed: Crisis-hit Wrightbus gave £15m in Christian charity donations | Belfast Telegraph |
Why are Britain's buses in crisis?

Related reading ...

Research: Quantifying the Cost of Brexit Uncertainty | Harvard Business Review |

by Oui on Thu Sep 26th, 2019 at 10:19:34 AM EST

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