Belfast Telegraph

Home Business Brexit

Brexit could hit UK operations, admits furniture giant

By Ravender Sembhy

Harveys and Bensons for Beds owner Steinhoff has warned the collapse in the value of sterling following the EU vote could have an adverse impact on its British businesses.

The furniture group has 12 stores in Northern Ireland - seven Bensons for Beds and five Harveys Furniture.

The South African retailer, which is also in the process of taking over Poundland, said that the currency's plunge may result in an "unfavourable effect when translating out businesses' earnings reported into euro", adding that it could have "an adverse effect on future margin".

Sterling has plummeted more than 10% against the dollar since June 23.

As well as the Poundland acquisition, Steinhoff has made a determined effort to expand further across Europe recently, having tried and failed to gatecrash two deals earlier this year.

Belfast Telegraph