UK’s sixth largest food retailer makes strategic transition to PrimeRevenue platform
Atlanta, GA – Manchester, UK, August 11, 2020 – PrimeRevenue, the leading platform for working capital finance solutions, and The Co-operative Group, today announce a new supply chain finance partnership. Barclays Bank PLC, who introduced The Co-op to PrimeRevenue, will be providing funding on the supply chain finance programme followed by other financial institutions as the programme grows.
Co-op has made the strategic decision to partner with PrimeRevenue for its new supply chain finance offering. Fueled by a highly challenging business climate heightened by the pandemic, the company aims to offer suppliers a simple method of early payment to help with their cash flow without having a detrimental impact to Co-op’s own cash position. This is particularly relevant in the current environment where the old adage “cash is king” has never been truer.
As the UK continues to experience economic volatility as a result of the global health crisis, Co-op is committed to supporting and protecting the supply chain. This new partnership will allow Co-op to provide a much wider range of its suppliers an early payment option than previously, many of which are already familiar with PrimeRevenue’s supply chain finance platform.
“We’ve used supply chain finance in the past and were aware of its potential to improve cash flow for both Co-op and our suppliers, but we wanted our suppliers to have a more accessible and seamless experience,” said Simon Nuttall, Head of Tax, Treasury & Insurance. “What drew us to PrimeRevenue was the company’s demonstrated success in achieving a programme’s full potential for both customers and suppliers. A large portion of our Phase 1 targeted suppliers were already utilising the platform through other commercial relationships – and we were confident PrimeRevenue’s comprehensive approach would allow us to support an even broader range of our supply base with early payment options.”
The food retailer will also work with PrimeRevenue to integrate the platform with Co-op’s new SAP system, thereby improving overall efficiency across multiple departmental and business systems.
“During the economic crisis, the food retail industry has had its own unique supply chain challenges,” said Matt Ford, VP Global Head of Customer Success, PrimeRevenue. “We are excited to provide Co-op a simple way to manage cash flow and maintain their growth plans despite current economic volatility whilst supporting their commitment to protecting suppliers.”
Technical implementation of the supply chain finance programme has been successfully completed and the first wave of suppliers are transitioned to the PrimeRevenue platform. More than 60 suppliers are expected to be onboarded in Phase 1 with significantly more to follow.
PrimeRevenue’s supply chain finance (approved payables financing) solutions help organisations in 80+ countries optimise 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 $250 billion USD 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.
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