Friday, July 10, 2020

Morrisons makes immediate payments for small suppliers during pandemic

Amid the ongoing coronavirus crisis, Morrisons is moving to immediate payments for its smaller suppliers to support cashflow during the pandemic.

As part of these measures, the retailer is also temporarily re-classifying a smaller supplier from those with £100,000 of business-a-year with the company to those with £1 million of business.

This will mean that an extra 1,000 small food businesses will qualify for these new payment terms, the retailer said.

Morrisons has around 3,000 small suppliers including 1,750 farmers that will benefit. The temporary payment terms are expected to last until the end of May before being reviewed.

“We are Britain’s biggest single foodmaker and we want to be there for the smaller foodmakers, farmers and businesses that supply Morrisons,” said David Potts, Chief executive of the Bradford-headquartered retailer.

“We’re a British family business and we will be doing our best to support them through this challenging period.”

Environment Secretary George Eustice said: “These measures will support our farmers and food producers in their vital work of feeding the nation.

“We already have a highly-resilient food supply chain in this country and I am continuing to work closely with Morrisons and other retailers on their response to coronavirus.

“The government has pledged £30 billion in this year’s Budget for those affected and we’ve been clear that we will do whatever it takes to support people and businesses.”

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