New Balance vows to stay in UK, despite Brexit

London - Sporting goods giant New Balance has vowed to stay in the UK, despite fears of an economic impact from Brexit.

The US-based company, headquartered in Boston, told the Press Association the company is committed to staying in the UK, where it currently has 600 employees, including a factory in Cumbria. It's EU headquarters in Warrington employ 160 persons, with the Flimsy factory over 240.

“We have a big business here, we have a long-standing commitment to manufacturing in the UK, that will continue. We won’t be pushed out or scared out by regulation or economic factors," chief executive Rob DeMartini told the Press Association.

After opening its largest non-US flagship store on London’s Oxford Street last week DeMartini stated: “We have faced plenty of political and economic challenges before and we are committed to the UK, our European headquarters are here."

The UK is a key market for New Balance

"The UK is one of our largest growing markets, which is atypical for a developed market.” DeMartini added that he believed Brexit will bring US and UK relations closer together.

Last year the retailer turned over 3.13 billion pounds and recently signed a kit deal with Liverpool FC as well as opening a flagship store on London’s Oxford Street.

New Balance was Founded by William Riley in 1906 as the New Balance Arch Company, in Boston, MA. The company manufactured arch supports and orthopaedic shoes and made its first pair of running shoes in 1938. During the 1950s and 60s, athletes increasingly turned to the company for customized running shoes due to New Balance's unique expertise in handcrafting specialized footwear.