Brexit delivers £2m boost for Deere dealer
A County Down tractor dealership is enjoying a major boost in trade and has increased its customer base thanks to the British electorate's decision to vote for Brexit.
Based on the Lisnoe Road just outside Lisburn, Johnston Gilpin & Co Ltd has been selling agricultural machinery since 1968 and is now Northern Ireland's largest John Deere dealership.
Prior to Brexit the dealership had built up a large stock of used tractors and machinery as it had traded these in against sales of new vehicles.
That portfolio had built up to over £2m in value and was tying up capital for the business meaning it was more difficult to invest in new stock.
Managing Director Randal McConnell says Brexit has been extremely good for business.
"When the Brexit vote was announced the pound euro currency exchange started to become more favourable for tractor buyers in the Republic of Ireland and other countries that used the euro.
"In the past few months we have cleared out over £2m worth of used stock that was tying up our capital.
"In the past year sales of new tractors and new self-propelled forage harvesters has been excellent, but on the back of that we had traded in quite a number of used machines.