Drinks and hospitality business Endeavour Group is set to make its 14-day payment terms plan permanent for all of its small suppliers.
The group implemented a 14-day payment term plan during the first lockdowns in March 2020 to provide pandemic-related support to more than 900 suppliers across the country.
Last March, the company announced it will extend the program until June of this year – but now it says the program will be permanent.
Group CEO and MD, Steve Donohue (pictured above), said the decision to extend the initiative comes following feedback from suppliers over the last years.
“While lockdowns seem like a distant memory now, the flow-on effects for our small suppliers cannot be underestimated.
“In order to have a vibrant drinks industry, it is important these businesses are given every opportunity to succeed.”
He added many businesses continue to face ongoing challenges such as supply chain constraints, high inflation and rising costs of doing business which warrants the extension.
Suppliers who receive under $1 million in payment from the group and make under $10 million in annual turnover will benefit from these new payment terms.
- Further reading: Endeavour Group records strong half-year earnings, names new CFO
