Simon Topman, CEO of Acme Whistles, claimed he was "sure" jobs would be lost as a result of losing access to the single market, which accounts for 40 per cent of the business’ exports.
The chief executive of the Birmingham-based whistles firm said exiting the EU would “do damage” to the UK but in the longer term it would pick back up.
Speaking on the BBC, he said: “In the short term, it’s going to do damage and it’s going to make life difficult and expensive.”
Asked about possible job losses, he added: “I’m sure that it will. If our business in Europe, which is 40 per cent of our exports, goes down that has to translate into the number of people we employ.”
Simon Topman said he was "sure" jobs would be lost as a result of Brexit
It’s going to do damage and it’s going to make life difficult and expensive
Meanwhile, German firms are preparing to pull the plug on their British investments in the wake of Brexit, according to a new study.
The German Industries and Chambers of Trade group (DIHK) said the British withdrawal from the EU would do "massive damage" to German companies with UK interests.
DIHK President Eric Schweitzer said: "Further declines in trade are to be expected in the coming months."
Theresa May's most powerful quotes Fri, March 10, 2017 Getty Images 1 of 8
'I will be ruthless in cutting out waste, streamlining structures and improving efficiency'
Four out of 10 German companies expect worse business while every tenth company plans a shift from investments in the UK to other countries.
The survey was carried out in February with a total of 2,200 companies – the 1,300 responses by companies with business relations with Britain have only now been evaluated.