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The number of UK food suppliers experiencing ‘significant’ financial distress has increased by 54% in 12 months according to Begbies Traynor.
Back in April we reported that as supermarkets battle to be top dog, UK food suppliers suffer, highlighting the need for them to cut costs.
That brutal trend seems to have accelerated as the UK’s large supermarkets strive to win back customers from the German discounters such as Aldi. Slashed prices and delayed payments to suppliers mean the food retail industry has never been tougher, especially for smaller food suppliers such as independent grocers and farmers.
Begbies Traynor’s red flag research for 2Q15, which monitors the financial health of UK companies, found the UK’s food retailers continue to experience rising ‘significant’ financial distress, increasing by 38% over the past year. Of those facing difficulties, a massive 97% are SMEs.
But it is food suppliers that are really bearing the brunt of supermarkets new turnaround strategies: the research estimates that 1,463 SME food suppliers are in trouble, making up 89% of struggling companies within the sector.
Unfortunately the situation is set to become even bleaker – the harsh reality is that price slashing is not just a short-term pain but something that’s here to stay, says Julie Palmer, partner and retail expert at Begbies Traynor. “The supermarkets have managed to successfully rebase their own models by reducing product ranges … while failing to clean up their act on late payments, taking more than a month longer than agreed terms to settle debts with suppliers. Some are even looking into launching their own food manufacturing facilities to give them even tighter control over costs and the ability to offer still more aggressive pricing.”
With the pressure on food industry SMEs unlikely to abate any time soon, cutting overheads is more crucial than ever. In the battle to shore up earnings, overspending on business energy is often overlooked. As an expert in offering no-fuss business electricity and gas compare and switch services, SwitchMyBusiness.com can help. The whole process takes less than 20 minutes and you could save up to 50%. Just fill in our short form (also at the top right of this page) or give us a call on 0330 0100 251.
"Very easy. Bea Luseni very efficient & knowledgeable."This review was posted by Alan Duffy on the 31st of March 2017
Super helpful and easy to work with
"Recommend this company in a heartbeat - Nicole Borneuf was super easy to talk to, was not pushy in the slightest, very helpful and replied with all my questions very professionally and did all she could to help. I had to deal with a few companies to sort my business energy out, all but Nicole were too pushy for my liking and I refused to follow through with them. Thank Nicole - you are a credit to your company, thank you for making the stressful energy change so easy."This review was posted by Mia Drew on the 29th of March 2017
An Extremely Competent Company
"Switch my business has not only helped my SME secure a good energy deal for the second year running but Jessica swiftly found a alternative supplier for me when I was let down on the day of switching by the new contractual provider I had chosen some 4 months previously. Being suddenly out of contract and without provider is everyone's energy nightmare. Greatest thanks."This review was posted by S McMillan on the 29th of March 2017
Helpful, friendly and we saved lots of money!
"Jessica Purnell was helpful and friendly, she made the whole process easy and simple AND we saved lots of money thanks Jess"This review was posted by Melanie Baker on the 23rd of March 2017
Quick & Easy
"Kabibi was very helpful and the whole process was very efficient. The one small reservation I had was that I was phoned up by Kabibi almost immediately having received my online quote - which wasn't enough time for me to finish reading the quotes! Fortunately she was able to assist me in a greater savings on both Gas & Electricity, and so as long as the switchover is seamless I will remain very happy with the service."This review was posted by Amanda Brown on the 21st of March 2017