Advance notice of price increase

Advance notice of price increase

We would like to give our customers and distributors advance warning of a price increase which we will be implementing for 2018. This is not a decision which we have taken lightly, but unfortunately a combination of factors has meant that it is unavoidable.

We have had an unprecedented number of price increases from our suppliers recently; seventy since we last raised our own prices at the beginning of 2017, with twenty in May alone, and these have ranged from 3% to the extreme of 19%. They have occurred in every industry which supplies us, from plastics and raw materials to paper and packaging.

Purchasing Manager Antonia Greaves reports "there has been a 'perfect storm' of issues recently which has led to this situation. Political uncertainty continues to have a definite impact, with a reduction in output from our suppliers, and resulting price increases occurring right across the supply chain, both nationally and internationally."

World demand for materials is very high and currency inflation, as well as the cost of labour, is increasing. We are actively looking at ways in which to reduce costs and streamline our manufacturing process in order to minimise the effect this has on our customers, but at this stage a price increase is unfortunately inevitable.

We currently have an encouraging order book. We believe that our investment in innovation and the launch of several new torque tools, such as our recent Capture Hub, will help to keep GTL at the top of the precision torque tool market. We hope that our customers and distributors will understand that whilst we regret any increase, it is essential in order for us to continue to lead the torque field without compromising the quality for which our tools are known.

Further details about this price increase will be announced shortly on our website and social media channels. If you have any queries in the meantime, please contact us online via our enquiry form or alternatively call us on +44 (0) 1483 892772 to speak to one of our dedicated GTL team.

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