Pets Corner vouch to pay suppliers within 14 days of invoice
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Pets Corner has announced a new commitment to protect their network of suppliers by boosting their approach to best business practice and fair trading.
Already an advocate of supporting the success of their suppliers, the company will start by introducing a new policy to improve supplier cash flow by making quicker payments.
From 1st August 2015 all suppliers with a turnover of £5 million or less will be paid within 14 days of the date of invoice. The industry average currently stands at 60 days.
The family run business, which has been trading for nearly 50 years, buys from suppliers around the world but wherever possible the company will source from UK suppliers. Currently 78 per cent of their purchases are products made in the UK.
Commenting on the move, Dean Richmond, Managing Director at Pets Corner, said: “It has been a long, hard slog to get Pets Corner to where it is today.
"We have had to get all the help we could from our suppliers along the way, often needing extended credit. We were the minnow compared to them back then but now, in many instances, we are the dominant partner so we think it is important to ensure we play our part in supporting them.
"We know how cash flow plays a crucial role in the success of business and that’s why suppliers with a turnover of £5 million or less are going to be paid within 14 days of invoice.”
He continued: “We are known for having unique and exceptional products and this is because we use specialist suppliers who are often very small. We want to help them to grow.”
Pictured: Co-owner Steve Charman (left) with Dean Richmond, Managing Director of Pets Corner.
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