Currency Shift & Internal System Changeover (31st October)
MI Supplies as a company, has been extremely proud of our strength in offering long term price stability to our customers. Completely unheard of in our industry, we are now in to agreements with customers of 13 years of fixed or lowered pricing. A massive achievement for our company.
When I formed our company in 2005, one huge motivating factor was to run a company where our customers would not incur regular and unnecessary price increases. We set our business up with the customer as the number one priority before profit. This I am delighted to say has been proven over the past 11 years and will certainly continue.
However, we are in very uncertain times due to the pound and its strength against the euro and the dollar. Sterling has shed more than 15% against the single currency since June’s referendum vote to leave the EU.
Because of this, and I am sure you have read the Tesco/Unilever situation, manufacturers in our industry have in the past 8 weeks passed on average price increases to us of 9% across the board.
This is a very tough challenge to not pass on price increases, due to most imported products being bought in dollars or euro.
However, rest assured, our business will make decisions with the customer in mind. We have taken the decision to hold our pricing for a further 3 months and review again in January 2017. This means any pricing you have agreed with MI, will continue during these uncertain times.
We have learnt from some of our most respected customers, and will continue to look at efficiencies in our business to absorb these price increases and ensure we don’t need to impact our customers. We would expect every supplier to do this in our industry. Because of this in the past 3 months, we have brought in huge efficiency savings across our business to help.
One large efficiency saving is in our internal systems, which we have invested £50K in to this year. We will be moving from our current system to our new system on 31st October 2016. We will be closing down our system on midday on that day, with the new system live on 1st November. Please be aware we will not inputting any orders on our system for four hours on the 31st while we make the smooth transition. Any questions or queries on this and for that day, please email me direct on alex@misupplies.co.uk
I sincerely hope for UK industry that we start to see some stability with the pound and pricing coming back down again very soon.
For the business that you give to MI Supplies, can I say a massive thank you, it always very much appreciated.
Regards,
Alex Ingham - Managing Director
Currency Shift & Internal System Changeover (31st October)
MI Supplies as a company, has been extremely proud of our strength in offering long term price stability to our customers. Completely unheard of in our industry, we are now in to agreements with customers of 13 years of fixed or lowered pricing. A massive achievement for our company.
When I formed our company in 2005, one huge motivating factor was to run a company where our customers would not incur regular and unnecessary price increases. We set our business up with the customer as the number one priority before profit. This I am delighted to say has been proven over the past 11 years and will certainly continue.
However, we are in very uncertain times due to the pound and its strength against the euro and the dollar. Sterling has shed more than 15% against the single currency since June’s referendum vote to leave the EU.
Because of this, and I am sure you have read the Tesco/Unilever situation, manufacturers in our industry have in the past 8 weeks passed on average price increases to us of 9% across the board.
This is a very tough challenge to not pass on price increases, due to most imported products being bought in dollars or euro.
However, rest assured, our business will make decisions with the customer in mind. We have taken the decision to hold our pricing for a further 3 months and review again in January 2017. This means any pricing you have agreed with MI, will continue during these uncertain times.
We have learnt from some of our most respected customers, and will continue to look at efficiencies in our business to absorb these price increases and ensure we don’t need to impact our customers. We would expect every supplier to do this in our industry. Because of this in the past 3 months, we have brought in huge efficiency savings across our business to help.
One large efficiency saving is in our internal systems, which we have invested £50K in to this year. We will be moving from our current system to our new system on 31st October 2016. We will be closing down our system on midday on that day, with the new system live on 1st November. Please be aware we will not inputting any orders on our system for four hours on the 31st while we make the smooth transition. Any questions or queries on this and for that day, please email me direct on alex@misupplies.co.uk
I sincerely hope for UK industry that we start to see some stability with the pound and pricing coming back down again very soon.
For the business that you give to MI Supplies, can I say a massive thank you, it always very much appreciated.
Regards,
Alex Ingham - Managing Director