Is there nothing sacred? Brexit bureaucracy stops 60 Irish Rolex watches a week
Time flies, as they say, but without the right papers even quality time can be stuck.
p 60 Rolex watches belonging to Ireland’s wealthiest citizens – and perhaps in some cases the most infamous citizens – find themselves in the Brexit bureaucracy every week.
That’s according to freight and logistics expert Chris Deans, managing director of Crane Worldwide.
High-end jewelry once returned and mailed across the Irish Sea is caught in a network of customs clearance, tariffs and VAT, he told Conall ó Móráin in a fascinating interview on the week last. This great business fair Podcast.
Ireland’s jewelry industry, which depends on the UK for supplies and services, is one of the sectors that has faced the biggest problems since Brexit, he said.
Rolex watches should be serviced at least every seven to ten years and their well-heeled Irish owners usually send them to the UK to make sure everything is okay.
“Typically you send your Rolex back for repair to the UK and they send it back by courier,” Deans said. “Before Brexit, it was good. After Brexit, you have a whole host of different complications.
Irish visitors adopt the Center Parcs model
Before Center Parcs opened at Ballymahon in Longford, one of the UK company’s main concerns was how Irish visitors would react to the resort’s additional charges.
British families know what to expect, but the concept and fees for the extra activities – while the basic package is already quite expensive – were new to the Irish market.
However, it looks like Irish customers are embracing the Center Parcs model with open arms and Ergo discovered a few weeks ago that accommodation is already pretty much booked for the coming months.
Long-haired CEO Martin Dalby last week announced plans for a € 85million expansion and while construction won’t begin until 2023, rising construction costs are being closely watched. He said a major emergency drink was in place.
CRH defends Morgan Stanley
Shares of Irish materials giant CRH, led by Dubliner Albert Manifold, fell last week after Morgan Stanley downgraded.
Several bright spots were reported, such as its exposure to the United States, where significant infrastructure spending is expected, as well as the company’s track record in mergers and acquisitions. However, the broker felt there was better value elsewhere, especially among US peers who could benefit even more from the US spending spree.
The downgrade in CRH comes shortly after an upgrade from Citigroup – which again focused on the US positives.