Nick Varney: Brexit ‘is good’ for Merlin Entertainments

Nick Varney, Merlin Entertainments

Merlin Entertainments chief executive Nick Varney has said that the UK leaving the European Union is potentially “good” for the company.

He said that as long as the British pound stayed at around its current exchange rate, Merlin’s revenues would benefit from Brexit.

The pound fell by more than 11% against the US dollar in the immediate aftermath of the Brexit referendum, in which 51.89% of the public voted to leave the EU, although the currency has since regained some ground.

The London Stock Exchange-listed company’s overseas revenues outstrip its income from UK attractions, which means a weakened pound is beneficial to its finances.

In an interview with the Blooloop website, Varney said: “As long as the pound stays where it is, Brexit is good for us in the long run.”

“It makes going abroad more expensive for UK people but it makes the UK much cheaper for foreign visitors.”

He described the exit negotiations – due to end in October – as “delicate” in relation to potential new movement rules affecting tourists from the EU.

He said: “The worst thing that could happen to UK tourism would be visas being put in place that put people off coming here for work or for leisure.”