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A MAJOR consumer electronics company has announced it will be moving its European headquarters out of Bracknell from next month.

Japanese brand Panasonic announced last week that it plans to shift its headquarters from Western Road to Amsterdam, and is also considering the future of its UK manufacturing operation.

It is believed around 10 people will be affected out of the staff of 30. The company employs around 400 people both in Bracknell and at its manufacturing plant in Cardiff.

In an interview with the Nikkei Asian Review, Panasonic Europe's chief executive Laurent Abadie said the move had been sparked by fears the company could face a bigger tax bill from Japan if Britain became a tax haven post-Brexit.

He said the company had been considering the move for around 15 months due to concerns relating to the free movement of goods and people.

Groovy Blue Miles Yellow Women's Sky Water Shoe Native A spokesman for the company said: "Panasonic Europe has reviewed its regional headquarters location.

"The aim of this project is to extend our shared service operations across Europe to pursue improved efficiency and cost competitiveness while having easy access to the different markets within Europe.

"Panasonic Europe chose to transfer its regional headquarters from Bracknell to Amsterdam from 1 October 2018 for several reasons.

"Panasonic Holding Netherlands (PHN; the holding company for subsidiaries outside of Japan) and PFI (Panasonic Finance, the group financing company) are already located in Amsterdam.

"Transferring the European Regional HQ to our already existing location will enable a high level of co-operation and collaboration with PHN and PFI.

"We expect to minimise the impact wherever possible for the small number of people involved in these changes in our regional headquarters; fewer than approximately 10 roles.

"No Panasonic UK business operations will be affected by the EU headquarters move."