Sourcing Suppliers

Waitrose promise to small suppliers Well pay you within a week?

Fred Heritage | 12 July 2016 | 8 years ago

Waitrose
Waitrose said that more than 600 small suppliers will benefit from its new payment terms
Waitrose has pledged to pay its small food producers and suppliers within a maximum of seven days, the company has revealed.

In a bid to hand back greater financial stability? to the small businesses it rellies on, the popular supermarket chain has announced it will introduce new payment terms over the next two months.

All suppliers with an annual turnover of less than 100, 000 will receive payment within a week of providing an electronic invoice. Waitrose stocks more than 2, 500 regionally and locally sourced products, so the company expects that more than 600 small suppliers will benefit from its promise.

Waitrose commercial director Mark Williamson said in a statement that the supermarket chain remained passionate about nurturing home-grown food producers. He added: This step will help give smaller-scale businesses, including new startups, more financial stability by helping with cashflow.

these payment terms will make our good relationships with small suppliers even better.

It is hoped that by taking a more ethical stance towards small suppliers, Waitrose bosses will be able to attract more custom from an increasingly ethically-minded UK consumer base. The firm also aims to improve staff retention levels, in the belief that employees prefer working for a socially responsible business.

Commenting on the announcement, head of retail at accountancy practice Menzies told British Baker magazine that other supermarket chains would make similar changes.

in this time of economic uncertainty, large businesses have a social responsibility to treat their smaller counterparts fairly and it’s great to see Waitrose take the lead, he said, adding that the updated payment terms could be extended to larger suppliers further down the line.

Late payments are wreaking havoc on Britain’s growing freelance economy. Read on to find out more.

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