Waitrose moves to industry leading payment terms for small food producers
Waitrose is to move its payment terms for all UK small food producers to a maximum of seven days.
The step, which will be phased in over the next two months, follows an internal review of payment terms for smaller suppliers and will mean that the supermarket now offers industry leading terms.
The supermarket has pledged to pay all its small scale suppliers, whose business with the retailer is worth less than £100,000 annually, within seven days of receipt of a valid electronic invoice. More than than 600 UK food producers will benefit from the change.
Mark Williamson, Waitrose Commercial Director, said:
'The internal review of how we pay our smallest suppliers was initiated because we wanted to make our good relationships with small suppliers even better by simplifying the payment process.
'We are passionate about supporting and nurturing British producers - and this step will help give smaller scale businesses, including new start-ups, more financial stability by helping with cash flow.'
Waitrose has a dedicated buying team for local and regional suppliers and sells over 2,500 locally and regionally sourced products from 600 suppliers and is still growing its ranges. Buyers spend a great deal of time mentoring SMEs including providing them with technical and legal guidance.
Notes to editors
Waitrose - winner of the Best Supermarket1 and Best Food Retailer2 awards- currently has 350 shops in England, Scotland, Wales and the Channel Islands, including 61 convenience branches, and another 27 shops at Welcome Break locations. It combines the convenience of a supermarket with the expertise and service of a specialist shop - dedicated to offering quality food that has been responsibly sourced, combined with high standards of customer service. Waitrose also exports its products to 58 countries worldwide and has eight shops which operate under licence in the Middle East. Waitrose's omnichannel business includes the online grocery service Waitrose.com, as well as specialsit online shops includingwaitrosecellar.com for wine and waitrosekitchen.com for cookware, utensils and kithchen gadgets.
¹ Which? Customer Survey
² Verdict Customer Satisfaction Awards
For further information please contact:
Senior PR Manager
Telephone: 01344 824294