Morrisons extends faster payment scheme for small suppliers

Morrisons have confirmed that they will make immediate payments to their smaller suppliers for a further three months to help them through the coronavirus crisis.

The supermarket implemented the faster payment scheme in March to help small foodmakers and farmers with their cashflow. It ran until the end of May and has now been extended to September.

The scheme applies to firms that have up to 1 million pounds of turnover with Morrisons.

Around 3,000 small suppliers including 1,750 farmers will benefit from the extended arrangements.

“Small food makers and farmers have helped us to play our full part in feeding the nation,” said Morrisons CEO David Potts.

“They have told us they face continued financial pressure and we want to be there for them during this challenging period,' he added.