Lace Up Grey Black Tec Hi Trainers Blast Lite Mens 7qFZpI6

Mens Grey Blast Hi Trainers Black Lace Lite Up Tec
Playing on
Current Time 0:00
Duration Time 0:00
Loaded: 0%
Ladies Wellies with Print Wellington Spot Tall Boots Purple XpOqxrnZXa
Progress: 0%
Progress: 0%
Remaining Time -0:00
Red Slippery Mesh Shoes senximaoyi Wear Pedal resisting a Cloth 87dXF
Explainer: Britain's Brexit Options

Panasonic is moving its European headquarters from the United Kingdom to the Netherlands ahead of Brexit.

A spokesman for the Japanese electronics company confirmed Thursday that it planned to move the headquarters from the outskirts of London to Amsterdam, but declined to give further details.

Panasonic (PCRFF) is best known for making household goods like televisions and washing machines, but it's also a big supplier of batteries to Tesla (TSLA).

The company's Europe CEO, Laurent Abadie, told the Nikkei Asian Review on Thursday that Panasonic was seeking to avoid potential tax issues resulting from Britain's departure from the European Union. The company is also worried about potential restrictions on the flow of people and goods between Britain and other countries, he added.

The move will happen next month, Abadie said, adding that Panasonic had been considering relocating for the past 15 months. The company employs around two dozen people in the United Kingdom but not all of them will move, he told the newspaper.

Besides making household goods like washing machines, Panasonic is also a key supplier of batteries to electric carmaker Tesla.

The Japanese government has previously warned that its companies could move their business elsewhere in Europe following Brexit. Toyota (TM), Black Tec Lite Hi Lace Up Grey Mens Trainers Blast Nissan (NSANF) and Honda (Trainers volt Nike Toranada Zoom Train black orange US Running Shoes total Sneakers 10 Mens 708 white 835657 wPPX1rq) are all heavily invested in the United Kingdom.

Britain is due to leave the European Union in March next year.

Many companies based in Britain are making plans to protect their future access to EU markets given the risk that Brexit will result in new barriers to trade in goods and services.

German car manufacturer BMW warned earlier this year that delays at the border could see it close factories in the United Kingdom, while Deutsche Bank has moved key parts of its European business from London to Frankfurt.

In June, aircraft maker Airbus (EADSF) warned that crashing out of the European Union without a deal on trading arrangements would throw its production into chaos and threaten its future in the United Kingdom.

More from CNNMoney
More CNNMoney video

CNNMoney Sponsors