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July 15 2016
Waitrose is the latest high street name to unveil plans to pay smaller suppliers on more generous terms. In October 2015 Tesco announced that suppliers that invoiced less than £100,000 a year would recieve payments on invoices within 14 days.
Following a review of payment terms started in January 2016, Waitrose has announced a very similar scheme that means suppliers that invoice less than £100,000 a year should get paid within seven days.
The move is expected to benefit 600 food companies that supply the supermarket.
Mark Williamson, Commercial Director at Waitrose said:
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.
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