Recycling and recovery company looks to expand internationally, despite UK uncertainty
GSUK is on track to open up to six global processing hubs by 2021 despite delaying the launch of a new facility in Madrid until next year.
The recycling and recovery arm of Genuine Solutions, which handles 250,000 units per month and more than 15 million since launching in 2008, as well as accessories, devices and batteries from 23 countries, had outlined its plans earlier this year to become a globally established business within five years.
Holding off
However, GSUK managing director Paul Crossman (pictured) told Mobile News it had decided to put the opening in the Spanish capital on hold in order to access any impact from Brexit in June and potential fluctuations in currency exchange rates.
The Madrid base will still measure 900 square metres and initially employ up to 15 staff, targeting partnerships with mobile operators such as Telefónica-owned Movistar, Orange, Vodafone and Yoigo, which account for some 50 million subscribers between them. It already has an office in the city, which it opened in 2012.
A further five depots are scheduled to open by 2012. GSUK is again targeting Europe for its next opening, but admitted all options on a global basis are being explored.
This comes after the business held a five-year celebration at the British Embassy in Madrid on October 6, which was hosted by UK Trade and Investment and attracted 50 existing and potential new customers.
Waiting for Brexit impact
“We’ve delayed the opening of our processing hub in Madrid until 2017 because we wanted to understand any potential impact from Brexit, the biggest one so far being the fluctuations in exchange rates,” said Crossman.
“We have been working in Spain for the past five years and have close relationships with our existing client base there. We are extremely keen to localise our operations and make our presence there more permanent.
“We’ll be looking at opening our next one in Europe as this is a staged rollout but we are not completely ruling out other territories.”