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.
To be phased in over the next two months, the move follows an internal review of payment terms for smaller suppliers.
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 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.
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