Business Update 24.03.21

Update so far 2021.

 

I wanted to let you know how things have been going so far in 2021.

Although we are still in lockdown due to Covid-19 there is light at the end of the tunnel with the vaccine now being administered to over 25m people.

Since the start of this year we have also all experienced the added problems of the increase in freight costs to $14,000 per container plus China struggling to keep up with demand. Like most businesses we have had to continuously review our business strategy due to the current climate including the decision of what to do with all orders placed for 2021 - do we delay them all and hope freight comes down or ship and re-visit our prices?

After careful consideration, we took the decision to ship what we could which unfortunately has meant that we have been forced to increase our prices for some products.  We were however forced to delay some orders as we felt that the price increase would simply be too much.

This decision seems to have been the right one for us as stock has been selling out which I am guessing is in part due to some of our competitors deciding to delay their shipments thereby resulting in reduced stock coming onto the market. Our sales have been strong in the first quarter and our stock levels will be lower than usual over the next few weeks because of this. I wanted to reassure you that this is a short-term issue as we have a lot of stock currently either on the water or agreed to ship for arrival mid-April with more being agreed every day. 

We will continue to monitor freight prices and will keep you posted of any significant changes.

If you wish to discuss any issues that you are facing please do not hesitate to contact me by email on sergio@bonningtons.com

Thank you for your business and continued support.

 

Keep safe.

Sergio Tartaglia

Managing Director.

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