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Brighter future for Scots candles
24/12/2008 12:00
Tariffs and weak sterling all but snuff out foreign competition
The fall in the value of sterling against the Euro and a new EU anti-dumping tariff on imported candles could help a Scottish firm boost its share of the UK market.
Shearer Candles estimates that despite the economic downturn, it could double turnover to £6m in the next year. A 70% increase in the cost of imported candles will make home-produced candles more competitive.
The company, established in 1897 and whose products have been used by the singers Madonna and Janet Jackson, has invested more than £700,000 in its Glasgow factory to double production capacity and make it more cost-effective.
The UK retail candle market is worth £180m, with 90% from imported products.
“The weakening of sterling is actually driving up the cost of all imported candles into the UK wherever in the world they come from,” said managing director Ian Barnet.
“Retailers are experiencing a significant increase in the cost of candles. The decision by 20 of the 27 EU nations to implement the anti-dumping tariff on candles made in China now makes UK candle manufacturers a far more compelling option for UK buyers. The days of cheap candles imported from China are over.”
The fall in the value of sterling against the Euro and a new EU anti-dumping tariff on imported candles could help a Scottish firm boost its share of the UK market.
Shearer Candles estimates that despite the economic downturn, it could double turnover to £6m in the next year. A 70% increase in the cost of imported candles will make home-produced candles more competitive.
The company, established in 1897 and whose products have been used by the singers Madonna and Janet Jackson, has invested more than £700,000 in its Glasgow factory to double production capacity and make it more cost-effective.
The UK retail candle market is worth £180m, with 90% from imported products.
“The weakening of sterling is actually driving up the cost of all imported candles into the UK wherever in the world they come from,” said managing director Ian Barnet.
“Retailers are experiencing a significant increase in the cost of candles. The decision by 20 of the 27 EU nations to implement the anti-dumping tariff on candles made in China now makes UK candle manufacturers a far more compelling option for UK buyers. The days of cheap candles imported from China are over.”
December 21, 2008
John Penman
Source: business.timesonline.co.uk
John Penman
Source: business.timesonline.co.uk
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