PrimeRevenue Congratulates Customers Co-op and Volvo Car Group on 2020 Supply Chain Finance Award Recognitions
Co-op won the Retail and Apparel category while Volvo Car Group was Highly Commended in the Manufacturing and Industrial category
Atlanta (November 19, 2020) – PrimeRevenue, Inc., the leading platform for working capital finance solutions, announced today that two of its customers, Co-op and Volvo Car Group, have been recognized as supply chain finance leaders.
Co-op, the UK’s sixth largest food retailer, won the 2020 Supply Chain Finance Award in the Retail and Apparel category.
“This award win is a testament to Co-op’s collaborative efforts to create a programme that is truly beneficial for all parties,” said Simon Nuttall, Head of Tax, Treasury and Insurance, Co-op. “Our strategic decision to partner with PrimeRevenue for our new supply chain finance offering means we can offer our suppliers access to critical cash they need to overcome whatever industry or economic challenges they may face, now or in the future.”
Volvo Car Group, one of the most respected car brands in the world, received high commendations in the Manufacturing and Industrial category.
“To be recognised for our supply chain finance programme is truly an honour,” said Patrik Marklund, Treasury Operations, Volvo Car Group. “We worked with PrimeRevenue to develop a programme founded in ethics. From the beginning, our goal has been to support suppliers and provide the tools they need to overcome disruption while improving our own working capital – and the supply chain finance programme has accomplished that.”
The prestigious award, presented at the virtual SCF Forum event, acknowledges leading companies for their successful efforts in funding and strengthening supply chains around the world. The award is organized by the SCF Community Forum, which brings together corporates, business schools, technology vendors, and banks to map out the future of supply chain finance.
“Our clients’ award wins clearly demonstrate how an expertly executed supply chain finance program helps global companies grow and effectively serve their supply base, even in the face of a pandemic,” said PJ Bain, CEO, PrimeRevenue. “Both Volvo and Co-op were able to provide their suppliers a steady hand while strengthening their own financial health as the world navigated unprecedented challenges. Supplier health is always important, but especially so with the current economic environment – and PrimeRevenue is committed to helping these companies create a true win-win cash flow solution for their supply chain.”
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PrimeRevenue’s supply chain finance (approved payables financing) solutions help organizations in 80+ countries optimize their working capital to efficiently fund strategic initiatives, gain a competitive advantage and strengthen relationships throughout the supply chain. As the leading provider of working capital financial technology solutions, PrimeRevenue’s diverse multi-funder platform processes more than USD$250 billion in payment transactions per year. The company is headquartered in Atlanta, with offices in London, Prague, Hong Kong and Melbourne. Additional information about PrimeRevenue can be found at www.primerevenue.com | Twitter: @primerevenue | LinkedIn: www.linkedin.com/company/primerevenue.
About the Co-op:
The Co-op is a leading food retailer with a focus on the convenience sector. The group offers a wide range of additional services including funerals, insurance, legal services and health. It has a clear purpose of championing a better way of doing business for customers and their communities. Owned by millions of UK consumers, the Co-op operates 2,600 food stores, over 1,000 funeral homes and it provides products to over 5,100 other stores, including those run by independent co-operative societies and through its wholesale business, Nisa Retail Limited. It has more than 63,000 colleagues and an annual revenue of over £10 billion.
About Volvo Car Group:
Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales of 705,452 cars in 2019 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding since 2010.
In 2019, Volvo Cars employed on average approximately 41,500 (41,500) full-time employees. Volvo Cars head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars head office for APAC is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), South Carolina (US), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).
Under its new company purpose, Volvo Cars aims to provide customers with the Freedom to Move in a personal, sustainable and safe way. This purpose is reflected into a number of business ambitions: for example, by the middle of this decade it aims for half of its global sales to be fully electric cars and to establish five million direct consumer relationships. Volvo Cars is also committed to an ongoing reduction of its carbon footprint, with the ambition to be a climate-neutral company by 2040.
PrimeRevenue Media Contact:
+1. 978.729.3542 (U.S.)
Co-op Media Contact:
Co-op Press Office
Co-op Press Office
Volvo Media Contact:
Head of Corporate Communications