Hubert Weber, the president of #Mondelēz Europe, said the UK was “not self-sufficient in terms of food ingredients” and confirmed the measure as part of contingency plans for a hard Brexit, according to the Times.
It is the latest example of stockpiling before Britain leaves the EU, as concerns grow that the UK may fail to agree withdrawal terms by the Brexit deadline of 29 March.
Weber said: “Like the whole of the food and drink industry in the UK, we would prefer a good deal that allows the free flow of products, as that would have less of an impact to the UK consumer.
“However, we are also preparing for a hard Brexit and, from a buffering perspective for Mondelēz, we are stocking higher levels of ingredients and finished products, although you can only do so much because of the shelf life of our products.
“We have a contingency plan in place to manage [a hard Brexit], as the UK is not self-sufficient in terms of food ingredients, so that could be a challenge.”
He said shoppers may face higher prices and less choice if a deal were not agreed and added that he wished Britain was “at a different stage [in negotiations with the EU] at this stage”.
Europe is Mondelēz’s biggest global division, accounting for 40% of revenue last year. Businesses across the industry are said to be stockpiling and making no-deal plans.