UK’s biggest logistics company says it’s ‘extremely disappointed’ over new regulations affecting its operations

Posted November 21, 2019 12:27:24It’s been a rough year for logistics company Hollingsworth, which saw its revenue shrink by a whopping £5.7m ($7.5m) in the six months to March.

The company had to close its London warehouse in the wake of the Brexit vote, its headquarters in Germany, and a reduction in its annual budget.

It now operates in a global market dominated by Amazon, and the move has caused major headaches for the company’s suppliers.

The news came as Hollingsowns chief executive, Mike Bales, was in Brussels to meet EU trade ministers.

He told reporters:”This has been a difficult year for the business, but we are very disappointed about the changes in our industry.”

The UK government is due to decide on a new regulation on Thursday, which will affect Hollingsow’s operations.

Hollingsown’s UK operations have been hit by a reduction to its annual budgets of around £5m.

The new rule will force Hollingsons supply chain to be based in the UK, meaning there’s a chance it will be unable to get supplies to the UK market.

Hollsworth’s head of supply chain, Brian Foy, said the decision to move to the European Union was “the right decision for the future”.

Hollingworth has also been hit with a £6m penalty, which means it will have to close down its London office for at least six months, after the Brexit decision.

The move is due on October 25, 2019, but is not expected to have an impact on its UK operations.

Bales told Business Insider that the changes had been made “in good faith”.

He said:”We have a long-standing partnership with our European customers.

We have worked very closely with them over many years and we feel that this move to European Union rules has been the right decision to protect our business in the long-term.”

Holliesworth’s parent company, the UK’s largest logistics group, said it was “extremely disappointed” at the Brexit news.

Hellsworth’s chief executive said: “The decision to leave the European single market is the right thing to do for the UK.”

Hellsown’s parent group, Hatton, said: “Hollesworth is committed to working with the government and the industry on a sustainable and responsible Brexit plan that benefits our customers.”

The government has not yet responded to a request for comment.