// Sainsbury’s says financing available to help suppliers manage production volumes & cash flow
// Big 4 grocer will pay nearly 1500 smaller suppliers immediately to help mitigate impact of coronavirus pandemic
// Concession partners and other property tenants will also offered change in payment terms
Sainsbury’s has become the latest grocer to announce measures that see it step up support for its suppliers and concessions amid ongoing uncertainty from the coronavirus crisis.
The Big 4 grocer said it would work collaboratively with suppliers to support them with vital cash flow where needed, which includes a commitment to pay nearly 1500 small suppliers immediately.
These small suppliers are classified as having less than £100,000 annual turnover with Sainsbury’s.
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Sainsbury’s is also encouraging suppliers that would like to hear more, or to discuss criteria for support, to contact the grocery giant via its Supplier Support team or their regular Sainsbury’s contact.
The retailer is also extending its support to tenants and in-store concession partners.
As a first step, Sainsbury’s is offering all tenants the opportunity to pay rent on a monthly basis as opposed to quarterly in advance.
The retail giant anticipates that 250 tenants and concession partners will benefit from the new arrangements.
“We want to support our suppliers and partners because it is vital that we all help each other during this challenging time,” Sainsbury’s commercial director Paul Mills-Hicks said.
“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.”
Last week, Sainsbury’s confirmed it was “fully committed” to supporting all colleagues who are unwell or self-isolating, and that they would receive full pay for the full period of 14 days.
The grocery giant added that it would also pay elderly and vulnerable staff in full if the government decides they should self-isolate for 12 weeks.
The Big 4 grocer also unveiled new measures to assist elderly and vulnerable customers as well as NHS and social care workers.