CEO of Leeds based plastic injection moulding company revealed today that their new move to Hungary could see up to 500 job losses here in Leeds by next July.

Graham Matthews, 44, announced the 1,300 mile move to Hungary this morning in a press conference, which also marked the 30th anniversary for the company. However, whilst all production and machinery is planned to be moved to Hungary early next year, the 480 jobs based in Leeds are not set to follow. 

Instead, Matthews intends to employ another taskforce of a similar number over at the new plant. He did offer a reassurance that current employees have the opportunity to be part of the training program, but the move doesn't look promising for the local economy here in West Yorkshire.

The transition comes after failed talks with the UK government. As Matthews simply stated, 'it's nice to feel welcome', adding that the Hungarian officials were more accommodating during negotiations and had gone to greater lengths to meet the company's needs. 

When asked if Brexit had any impact on the decision, the CEO explained that as a remainer himself, he 'must look after the company and it's interests'. 

PlastiMould wouldn't be the first UK based company to uproot to another part of the world as a result of Brexit, however. British technology giant Dyson announced a move of their headquarters last year in a bid to keep 'future-proofed'.

Despite the new location, Matthews said that the company's 'roots will always be in Leeds and Yorkshire', though he's 'absolutely excited' to get on with the transition. The local ramifications are sure to show in the coming year.