Waitrose will now pay all suppliers with a contract worth less than £100,000 annually within seven days following an internal review of payment terms.
The step, which will be phased in over the next two months, will benefit over 600 small British food producers in the ‘industry-leading’ new system, Waitrose said.
Small suppliers that qualify must send a valid electronic invoice to Waitrose within a week.
Mark Williamson, Waitrose commercial director, said: 'The internal review of how we pay our smallest suppliers was initiated because we wanted to make our good relationships with small suppliers even better by simplifying the payment process.
'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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