Panasonic has announced it will move its European headquarters from London to Amsterdam in October.
The move will come to avoid potential tax issues linked to the UK’s scheduled exit from the European Union, the company said.
With Brexit due to take place in March 2019, Panasonic will not be the only major company to move its headquarters, in March, Unilever decided to move its headquarters from London to Rotterdam.
In a statement, Panasonic Europe’s chief executive Laurent Abadie said that several Japanese financial companies intend to move their main EU bases away from London.
Japanese financial firms including Nomura, Sumitomo Mitsui and Daiwa have already said they will no longer maintain their EU headquarters in London.
Up to 20 people could be affected out of a staff of 30.