Tuesday 31st March, 2020
Sainsbury’s has announced that it will work collaboratively with suppliers to support them with vital cash flow where needed.
As part of this move, Sainsbury’s has committed to pay small suppliers immediately. Nearly 1,500 small businesses who have less than £100,000 annual turnover with Sainsbury’s will benefit.
The move will help businesses to increase production volumes quickly so they can meet customer demand. Support will also be available to suppliers who find themselves in distress as result of the ongoing uncertainty.
Paul Mills-Hicks, Commercial Director at Sainsbury’s, said: “We want to support our suppliers and partners because it is vital that we all help each other during this challenging time. The businesses we work with are working flat out to supply us with product and going above and beyond to deliver direct to our stores. I am so proud to be working alongside them to feed the nation and we will do all we can to help.”
Sainsbury’s is also offering all tenants the opportunity to pay rent on a monthly basis as opposed to quarterly in advance. It is anticipated that 250 tenants and concession partners will benefit from the new arrangements.