Endeavour Group makes 14-day payment terms permanent for small suppliers
Australia’s leading drinks and hospitality business Endeavour Group has announced it will make 14-day payment terms for its small suppliers permanent, following the introduction of the pandemic support initiative in March 2020.
These payment terms will support Australian suppliers who receive payments from Endeavour Group of less than $1 million, with less than $10 million in annual turnover.
More than three years on from the announcement of the first lockdowns and pandemic-related restrictions, Endeavour Group CEO and Managing Director Steve Donohue said recent years have presented a range of challenges for small suppliers across the industry.
“In March 2022 we announced that we would extend 14-day payment terms until June 2023, but in response to supplier feedback over the last year, we are pleased to have made the decision to keep them in place for good,” Donohue said.
“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. And our ability to provide customers with the most extensive range of drinks - to suit all tastes and preferences - depends on them.
“That’s why we took on 900 new small suppliers during the pandemic, giving their brands a national platform, and introduced more favourable payment terms to ease some of the financial burden they faced as a result of losing their previous avenues to market.
“The extension of this initiative recognises that although lockdowns have been lifted and restrictions removed, the challenges for many businesses have continued with supply chain challenges, high inflation and rising cost of doing business.
“We are committed to working in close partnership with our suppliers to get their products to more people right around Australia.”
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