UK retailer Waitrose has announced that it is changing its payment terms for all small domestic suppliers to a maximum of seven days.
This will be 'phased in over the next two months', the retailer said, following an internal review of payment terms. It applies to suppliers whose business with the retailer is valued at less than £100,000.
More than 600 UK food producers will benefit from the change, Waitrose 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," said Mark Williamson, Waitrose Commercial Director.
"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."
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
