Spicers has made a commitment to its customers by taking a hedge on the dollar to provide price stability on dollar based products through Q3, irrespective of the pound vs dollar exchange rate during this period. Following research, it was clear such stability on these products was a favoured requirement rather than stability limited within a range of exchange rate changes.
The hedge, taken prior to last week’s general election result, allows Spicers to decrease prices on impacted products, in line with its long term promise made after the Brexit vote.
Jeff Whiteway, SPOT’s Group CEO said, “our policy on pricing for dollar priced products has been transparent and consistent with regular updates to our partner dealers during the last 12 months of exchange rate uncertainty. Our latest hedge rate was fortunately made at a favourable rate over our last hedge rate, the benefit of which is being passed onto our reseller dealers from 1st July.”
For more information, please contact Rebecca Stallard, Marketing Director at Spicers.