Edinburgh’s leading independent food specialist Valvona and Crolla is managing its margins with comparative currencies to ensure the continued supply of its world famous continental foods and specialist Italian wines in light of the current economic slowdown.
It’s times like these that companies trading across borders really notice the adverse effects of fluctuations and movements in the currency market. For those firms who rely on importing goods, ensuring the best and most competitive rate of exchange can often make the difference between a profit and loss.
“In the last few months the pound has seen its most rapid fall in value against the euro,” said Mark McElney, Managing Director of No1 Currency, “coupled with the slowdown in consumer spending, ensuring the best exchange rates available has never been so imperative.”
Mr McElney continued, “My advice to international traders is to examine and compare exchange rates offered by their banks to those offered by other international transfer services and currency specialists,” He added, “More often than not banks are charging way over the odds for international payments,”
As a worldwide specialist food trader, Scotland oldest and best loved Delicatessen and Italian wine merchant, Valvona and Crolla is no stranger to the impacts that can occur as a result of turbulence in the currency market. The company relies on the continued import of fresh Continental-European products and the cost of these imports will ultimately impact on the company’s bottom line.
So how is Edinburgh’s undisputed food heaven faring up in light of the current economic climate and the state of the foreign currency market?
Despite the turmoil in the currency markets and the current economic slowdown, Valvona and Crolla has gone from strength to strength expanding its outlets into Jenners Food Hall on Princes Street and Loch Lomond Shores as well as opening its second café in House of Fraser at London’s Westfield shopping centre.
When importing fresh produce from abroad, Valvona and Crolla initially made international payments through its bank. However with the poor exchange rates and transaction fees being imposed by banks, Valvona and Crolla turned to their neighbour and local foreign currency specialist, No1 Currency, for more competitive exchange rates.
Managing Director of Valvona and Crolla, Philip Contini said, “We started using No1 Currency’s worldwide transfer services about 4 years ago for the purchase of our artisan food produce and specialist wines.”
“We discovered that using a foreign currency specialist such as No1 Currency was far cheaper than using the banks.” Mr Contini continued, “in fact by switching from our Bank to No1 Currency to make our transfers we saved around 20% which has certainly helped our margins.”
“Our trading needs change from month to month and many of our products are perishable, therefore it is vital for us that we are able to use a flexible transfer service that is fast and efficient.” Mr Contini explained, “No1 Currency tailored their service to fit our needs and provided unbeatable exchange rates which has really made a difference to our trading.”
“In today’s economic climate it is vital for all companies that rely on international export and import or deal in foreign currencies compare rates in the marketplace, making sure they are getting the best deal available.”
Last this year a €56,000 transaction through a high street bank would have cost £46,311. The same transaction made through No1 Currency would have cost £45,271*. That amounts to a £1,041 saving by simply using No1 Currency over a high street bank.
For SMEs (small and medium-sized enterprises) with typically low profit margins, the overall savings made on each transaction could seriously improve the business’ bottom line.
For forward thinking companies like Valvona and Crolla, No1 Currency has been providing Scottish businesses of all sizes with the best value and most competitive exchange rates available.
It’s times like these that companies trading across borders really notice the adverse effects of fluctuations and movements in the currency market. For those firms who rely on importing goods, ensuring the best and most competitive rate of exchange can often make the difference between a profit and loss.
“In the last few months the pound has seen its most rapid fall in value against the euro,” said Mark McElney, Managing Director of No1 Currency, “coupled with the slowdown in consumer spending, ensuring the best exchange rates available has never been so imperative.”
Mr McElney continued, “My advice to international traders is to examine and compare exchange rates offered by their banks to those offered by other international transfer services and currency specialists,” He added, “More often than not banks are charging way over the odds for international payments,”
As a worldwide specialist food trader, Scotland oldest and best loved Delicatessen and Italian wine merchant, Valvona and Crolla is no stranger to the impacts that can occur as a result of turbulence in the currency market. The company relies on the continued import of fresh Continental-European products and the cost of these imports will ultimately impact on the company’s bottom line.
So how is Edinburgh’s undisputed food heaven faring up in light of the current economic climate and the state of the foreign currency market?
Despite the turmoil in the currency markets and the current economic slowdown, Valvona and Crolla has gone from strength to strength expanding its outlets into Jenners Food Hall on Princes Street and Loch Lomond Shores as well as opening its second café in House of Fraser at London’s Westfield shopping centre.
When importing fresh produce from abroad, Valvona and Crolla initially made international payments through its bank. However with the poor exchange rates and transaction fees being imposed by banks, Valvona and Crolla turned to their neighbour and local foreign currency specialist, No1 Currency, for more competitive exchange rates.
Managing Director of Valvona and Crolla, Philip Contini said, “We started using No1 Currency’s worldwide transfer services about 4 years ago for the purchase of our artisan food produce and specialist wines.”
“We discovered that using a foreign currency specialist such as No1 Currency was far cheaper than using the banks.” Mr Contini continued, “in fact by switching from our Bank to No1 Currency to make our transfers we saved around 20% which has certainly helped our margins.”
“Our trading needs change from month to month and many of our products are perishable, therefore it is vital for us that we are able to use a flexible transfer service that is fast and efficient.” Mr Contini explained, “No1 Currency tailored their service to fit our needs and provided unbeatable exchange rates which has really made a difference to our trading.”
“In today’s economic climate it is vital for all companies that rely on international export and import or deal in foreign currencies compare rates in the marketplace, making sure they are getting the best deal available.”
Last this year a €56,000 transaction through a high street bank would have cost £46,311. The same transaction made through No1 Currency would have cost £45,271*. That amounts to a £1,041 saving by simply using No1 Currency over a high street bank.
For SMEs (small and medium-sized enterprises) with typically low profit margins, the overall savings made on each transaction could seriously improve the business’ bottom line.
For forward thinking companies like Valvona and Crolla, No1 Currency has been providing Scottish businesses of all sizes with the best value and most competitive exchange rates available.
