‘Small business groups have criticised Philip Green’s Arcadia after the conglomerate demanded an additional 2% discount from suppliers. The Forum of Private Business said the higher discount could lead to “job losses in very good businesses, including some of our members”. Suppliers will now be required to cut their bills by up to 16.25%. An Arcadia spokesman said: “Treating suppliers fairly, being reliable and paying on the due date is something we pride ourselves on. This is the first change in [our payment] terms in 12 years.”
Source: Financial Times, The Times‘
Here’s an idea. Next time you’re in one of Mr Green’s establishments (we understand that they include Burtons, BHS, Topshop, Wallis and others), try knocking 16.25% off the asking price. He can hardly refuse, can he?
By the way, given that Mr Green’s business empire shares its name with one of Greece’s Peloponnesian prefectures, the emphasis on its reliability and commitment to paying on the due date has the kind of irony which always delights us here at BKL.