Tuesday 12th July 2016
Waitrose has announced that it will be moving its payment terms for all UK small food producers to a maximum of seven days.
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 and is still growing its ranges. Buyers spend a great deal of time mentoring SMEs including providing them with technical and legal guidance.