Local business with UK roots prepares for changes from Brexit vote
Neil Floodgate has worked in the United States for almost 5 years as the president of IQD, a UK based company selling electronic frequency products used in everyday electronics like cars, phones, and cameras. They do business in both pounds and dollars.
Floodgate had the chance to vote by mail on the UK’s milestone referendum to leave the European Union.
“Along with the other directors of the company we were very disappointed and shocked that the result went toward the leave,” says Floodgate.
Floodgate says now his international based company needs to look forward and deal with the consequences Brexit has brought up.
“What’s keeping me up at night is worrying about the exchange rates and worrying about really the uncertainty of the situation,” says Floodgate.
Maria Shoteh is originally from Finland and the Vice President of Sales for IQD’s Palm Springs based headquarters.
“It feels a little bit like a kick in the gut,” says Shoteh.
While Shoteh plans to stay in the United States, she says this referendum could limit her personal travel and ability to move back to the United Kingdom.
“It’s caused a rift within the UK or within Great Britain, and I think it may cause a wider rift between people in the whole of Europe,” says Shoteh.
Money is also a concern.
“My lump sum of my money is in the UK. I want to bring it here, but I can’t at the moment because the exchange rate isn’t good enough,” says Floodgate, “From the company point of view the main worry is the markets and the exchange rate, and what’s going to happen in the future with the trade across borders.”
Floodgate says British companies and IQD competitors doing business in the European Union may face new issues when transporting products across borders.
He thinks most UK based companies will likely lose money in the short term.
“The thing about the British is when we’ve got our backs against the wall, we do eventually pull together and we can be very strong,” says Floodgate.
