Panasonic, the £55 billion ($71 billion) Japanese electronics giant, has announced plans to move its European headquarters out of the UK as Brexit uncertainty continues to weigh on the minds of major international corporations using Britain as a base. The Nikkei Asian Review newspaper reported Thursday that the company plans to relocate from the U.K. to Amsterdam in October to avoid potential corporation tax issues linked to Britain's exit from the European Union next year. Moving the regional headquarters to continental Europe will also help Panasonic avoid any barriers to the flow of people and goods, Laurent Abadie, chief executive officer of Panasonic Europe, told Nikkei. Of the employees based out of London office, 10 to 20 engaged in auditing and financial operations will be moved to the Netherlands, with only investor relations staff staying, the Nikkei report said.
Panasonic announces their intent to move their European headquarters from London to Amsterdam, citing concern over Brexit.