January 19 2016
Waitrose is reviewing its payment policies to smaller companies after it has emerged that it is taking significantly longer to pay it's bills than other grocery companies, reports the Times. Matthew Frost, Director of Commercial Operations at the company will be leading the review after it emerged that Waitrose is taking up to three times longer than Tesco to settle its debts with SME suppliers, despite the company presenting itself as a champion of British producers.
"The way supermarkets treat their suppliers has been much in the news recently and it seems like the pressure is starting produce results," said Samantha White, CEO of My Credit Controllers. "We have recently seen Tesco announce faster payments to smaller suppliers after much criticism of 'supply chain bullying', but our experience is that it's not just the big guys that use their supply chain as a cheap source of finance for their business by paying up long after the debts have become due."
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