Insight & Analysis

Press release: Lloyds Bank helps Asda launch supplier finance programme

Published: Jan 2023

30th January 2023 – Lloyds Bank has launched a new Supplier Finance programme to provide working capital to businesses in Asda’s supply chain, which will support a range of suppliers across the UK.

The programme gives Asda suppliers early funding on invoices, helping them to improve their cashflow and build resilience against a challenging macroeconomic backdrop.

Suppliers, from sectors including food and drink, can access up to 100% of the value of their invoices as soon as they are approved, leveraging Asda’s credit rating to access an off-balance sheet source of working capital.

Lloyds Bank has been appointed lead funder and will operate the programme through its Open Account Platform, a fully digital solution that lets new suppliers join the programme in an industry-leading 48 hours or less.

The programme supplements Asda’s existing supply chain support initiatives, including Asda Nurture, an incubator scheme that gives innovative small and medium-sized suppliers easier access to shelf space in its stores.

Stephen Finn, Senior Director, Tax and Treasury at Asda, said: “Our supplier relationships are an essential part of our offering to customers and, as one of the country’s largest grocers, we have a responsibility to support food and drink producers across the UK, and beyond.

“This new, expanded supplier finance programme we are delivering with Lloyds Bank deepens our support for the businesses we rely on, while helping us to build resilience in our supply chain.”

Mansour Davarian, Managing Director and Head of Corporate Trade Finance and Working Capital Sales, Lloyds Bank Corporate & Institutional Banking, said: “Retail and Food and Drink are just two sectors that have struggled with delivery delays and liquidity challenges since the start of the pandemic, and now they are facing into a high inflation environment where consumer confidence is low.

“Supply chain finance programmes, like the one Asda launched, build resilience, improve cashflow, reduce cost and risk and, with the right technology, offer a seamless, user-friendly experience to all parties involved – all helping British businesses prosper.”

All our content is free, just register below

As we move to a new and improved digital platform all users need to create a new account. This is very simple and should only take a moment.

Already have an account? Sign In

Already a member? Sign In

This website uses cookies and asks for your personal data to enhance your browsing experience. We are committed to protecting your privacy and ensuring your data is handled in compliance with the General Data Protection Regulation (GDPR).