Covid and Brexit shrink Christmas markets in the UK
November 24, 2021, 6:38 am

Covid and Brexit shrink Christmas markets in the UK

Christmas decorations-Christmas season/Pixabay

The BBC reported, traditional continental Christmas markets that fill town squares and city centres across the UK will be smaller and less European this year.

It mentioned that the Covid pandemic has meant 10,000 professional full-time stallholders have left the industry.

And Brexit has made importing both goods and people to Britain more complicated.

Anja Manke runs 23 stalls that form the German Christmas Market in St Ann's Square in Manchester.

She has been travelling back and forth between Bremen and England for over two decades and considers it her second home.

But this year was different. It has taken weeks to organise logistics and each product and person involved needed permits.

"Usually we would just come over and work because we were citizens of one part of the world," Anja says. "To begin with, it was a lot of paperwork."

Christmas market/Pixabay

As a result, she made the tough choice not to bring a moose-head that normally sits on top of a German beer bar and has changed some products, including using an English company to import German beer.

Overall, fewer European stall holders will be in Manchester this year. "It's been very painful," said Anja. She thinks many did not return to the business as they've had to live off their savings through the pandemic, and rising Covid rates in Europe have made traders nervous.

Anja's business is registered in England, so she was eligible for a bounce-back loan.

And in the run-up to this Christmas. she has worked alongside European counterparts to share information and navigate the system. "We feel like family now," she says.

The BBC contacted a dozen city councils regarding their annual Christmas markets. Only Leeds had cancelled its market and Coventry had swapped theirs for a light installation as part of their year as Capital of Culture.

The biggest two, in Manchester and Birmingham, are now open, as well as those in Edinburgh, Glasgow, Bournemouth, Oxford, York, Bristol, Nottingham, Newcastle and Exeter. But almost all have fewer stalls and restrictions on footfall.

But it is a different story in Belfast. Its position across the Irish sea, sharing an EU land border with the Republic, means transport and trade has been more straightforward.

"For European traders it's been really easy to come to Northern Ireland," said Allan Hartwell, who runs Market Place Europe, across four UK cities.

"The bureaucracy comes getting English and Scottish traders here." In England and Scotland, Allan has seen his regular European traders drop out. And in Belfast he's lost previous English and Scottish traders.

One is Markus Kochem - a self-proclaimed "Mr Riesling" for his speciality festive-favourite glühwein from the Moselle Valley.

It took him 10 weeks to get his paperwork sorted and then driver and pallet shortages in Germany gave him an extra challenge.

As a result, Markus dropped out of markets in Scotland and chose just Northern Ireland. He explained: "For here is the backstop and it's easier to get to the people. "But I am happy to be here, I have missed it."

As if that wasn't enough, on top of Brexit there are other restrictions.

Allan says: "We have three different levels of requirement for Covid in England, Scotland and Wales. It's been a nightmare."

He feels that the whole system is set up for big business, and does not support smaller independents.

Brexit, Covid and loss of 10,000 full time, professional traders has cost the big markets, which run around the clock.

But it is good news for some small events with side-hustle stallholders.

Kelsey Thompson runs Henigan's Bar on the outskirts of Bolton. She decided to put on an early-evening market in the pub to boost footfall on quiet days.

She says: "We're having a Christmas decoration party with all the staff to get it ready."

Kelsey has been blown away by how many locals applied to have a stall, meaning she's able to offer "all sorts from resin gifts, candles, novelty earrings".

Local parent Emma Simpson started bottling sweet gifts as a hobby.

"I've signed up for two Mondays here in December plus two more at the local cricket club," she says. "I've had to order so much more to fill orders. My kitchen is full of boxes!"

Emma thinks smaller markets will do well this Christmas. "A lot of people want to keep things local this year. It's great for me and I really enjoy it."

For everyone the BBC spoke to - Anja, Allan, Markus, Kelsey and Emma - there is a common theme: a love of Christmas time and a real drive to make 2021 extra special.

All have been surprised and reassured by the level of enthusiasm for their markets - big or small.

Source: BBC

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.