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paul lee's handyman servicesFord to hike car prices and mulls UK plant closures in wake of Brexit vote
business for sale krugersdorp south africa Ford has raised the prospect of closing its British factories after predicting Brexit will deliver a $1bn hit to business.
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Bob Shanks, chief financial officer, also said the company will hike the prices of its cars within the year to help “claw back” the money it will lose from foreign exchange movements following the EU vote. He added the vote to quit the EU is likely to cost Ford up to $500m a year until Britain’s withdrawal from the trading bloc is complete, adding that uncertainty about how this will be achieved makes it impossible to predict the effects after that point.
handyman services maine A spokesman for Ford – which produces the Fiesta, Britain’s best-selling car for the past seven years – confirmed that the company is investigating how to cut costs and “nothing is on or off the table".
business for sale 2261He added: "We will continue to look at the business and align production with demand and consider any move to maintain profitability."

Ford has two plants left in the UK – at Dagenham on the outskirts of London and Bridgend in south Wales – both of which produce engines that are shipped to the company’s car assembly centres across Europe. Earlier this week, Britain’s Society of Motor Manufacturers and Traders warned of the potential harm that Brexit could cause to the UK’s £71.6bn-a-year car industry. It said that some global manufacturers may relocate to Europe in order to avoid the introduction of trade tariffs. The warning about Ford’s future in Britain came as the company updated on second quarter results, reporting global revenue up $2.2bn at $39.5bn, though pre-tax profit was $293m lower at $3bn. The company’s performance in Europe – which has lagged behind the rest of Ford’s global markets – enjoyed an upturn with revenue up $1.1bn to $8.1bn, and pre-tax profit tripling to $467m. Global profits were weaker than analysts had been expecting and Mr Shanks also warned the recovery in the car market was “maturing”, signalling the years of growth since the financial crisis were over, sending the shares tumbling.

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