// M&S Food to start paying small suppliers within a week from next month
// The initiative is part of M&S’s wider plans to enhance the growth of small suppliers
Marks & Spencer has revealed plans to begin paying all of its small food suppliers within seven days from next month.
The new payment terms will be implemented from October 1.
The initiative is part of M&S’s wider plans to enhance the growth of small suppliers and boost its food arm’s transformation strategy.
The retailer wants to foster its relationships with small growing suppliers as they help “bring new concepts and products to the market”.
Over one third of M&S’s supply base is made up of small suppliers.
“At a difficult time for grocery supply chains, we believe this significant step will make a major difference to the small businesses and their employees across the whole UK that are helping us protect the M&S magic and keep our food supply moving,” M&S commercial director George Wright said.
“We have deep and long-standing partnerships with our suppliers, who our customers rely on to produce delicious, great quality M&S food at trusted value.”
In July, M&S chairman Archie Norman said in a letter to Lord Frost that the new Brexit custom checks were going to hurt not just “big business” but also “small, specialist suppliers that make the UK food industry so special”.
The move follows similar announcements from rival retailers, including Tesco, Sainsbury’s and Aldi.