A BUSINESS leader whose company employs 60 people and turns over £40 million a year has called for a second referendum on Brexit, which he has labelled a “horrible mistake”.

David Sanders-Smith runs Result clothing, which is based in Commerce Way, Colchester.

His business was launched in 1971 as IS enterprises, which specialised in putting company’s logos on work garments.

Result was then founded in 1994 and has since become an industry leader.

At the moment, 55 per cent of the firm’s turnover is within the EU and as a result of stalled negotiations between the UK and the EU, Mr Sanders-Smith now has grave concerns over how a badly managed or no-deal Brexit will impact the firm.

He said: “I started my business in 1971 as a one man band selling in Holland, Scandinavia, Germany and France.

“In those days, I did the deliveries, drove my van and prepared all the documentation.

“I experienced personally the delays and the time involved producing documents to transit across Europe stopping at every border for stamping before reaching the destination – a delivery to Frankfurt in those days took four days; Paris almost the same.”

He added: “Hours were spent in queues starting at Dover, again on arrival in Calais, again on the German border and the final hours with agents carrying final goods clearance so I could deliver to the customers.”

The 71-year-old also looked back on what the country was like when he started out in business The family man added: “In the 1970s, Britain was like a Third World country.

“We had a currency devaluation inflation of 21 per cent, major strikes due to workers being unsatisfied with salaries due to the inflation, factories closing down everywhere in the country [and] I really struggled to grow my company.

“It was only after joining the EU that Britain became prosperous and everyone in the country became better off and I was able to start selling in the UK too.

The business boss also warned every industry is “in a state of limbo over Brexit”, adding: “The EU is the only market for most mid-sized British companies.

“Stories told of British companies being able to find new markets outside the EU is really impossible and not at all true – we are being deceived by politicians who say this.”

He added: “It is now quite apparent Brexit is a horrible mistake.

“People just did not know the risks and the major step backwards for our country.

“Many say it will be also bad for many European countries too but I know from my industry that whilst we are the leading player in our market, there are competitors sitting in Germany and France just waiting to take our place to offer the next day delivery service that we currently do and won’t be able to do in future.”

He also admitted a No Deal Brexit would see part of the UK operation reduced with a possible knock-on affect of re-opening within the EU - a decision he would not want to take, given he is “getting old now”.

He added: “Or we could just accept the loss of our export business I personally built up over 47 years and the amount of revenue we have created for the country and staff will be lost.

“Every day I talk to friends who voted for Brexit and most regret that they did not understand the terrible mess that is occurring and hope they would have a chance of a further vote on the matter.

“I would predict a 65 per cent vote in favour of Remain so I am hoping we do have a second referendum.”

The UK is set to leave the EU in March but negotiation on the exit deal is still ongoing.