Sainsbury’s Selects PrimeRevenue
To Power Trading Finance Platform
Morgan Stanley provides financing in UK food retail industry
first
ATLANTA, November 28, 2006 -- PrimeRevenue,
the leading provider of Supply Chain Finance (SCF) solutions,
announced today that UK food retailer J Sainsbury plc (LSE:SBRY)
has selected PrimeRevenue’s technology and services
to power the Sainsbury’s Trading Finance Platform. Morgan
Stanley will provide funding to suppliers electing to trade
their invoices for early settlement.
At its supplier conference in London on November 23, 2006,
Sainsbury’s announced that all its suppliers will be
paid through the PrimeRevenue-powered Trading Finance Platform.
Through the Platform, Sainsbury’s Suppliers will be
able to view online their trading account with Sainsbury's
including invoices, debit notes, remittance advices and payment
dates, giving them much better visibility of their expected
cash flow.
Mike Coupe, Sainsbury's Trading Director, said “We’re
excited about the opportunity to work with PrimeRevenue in
an industry first. This is a fundamentally new way of managing
the financial relationship we have with our suppliers. The
PrimeRevenue-powered system provides additional benefits giving
suppliers the information they need to better manage their
financial flows. They can also use the system to leverage
Sainsbury's borrowing power if they opt for early payment."
Ellen Brunsberg, Managing Director at Morgan Stanley, added:
"Our involvement with PrimeRevenue in this and other
programmes that are active in this country, in the United
States and on the Continent, reflect the growing demand for
this type of solution as companies are focused on creating
new efficiencies in their supply chain."
Joe Juliano, CEO of PrimeRevenue said that "Companies
such as Sainsbury's are taking advantage of leading technology
in this powerful new area and we foresee great results for
this programme to the benefit of Sainsbury's and its suppliers.
Financial flows in supply chains today are only now getting
the attention they deserve, and there is plenty of value to
be gained by all participants in this deployment. We look
forward to working with Sainsbury's and their suppliers."
About J Sainsbury’s plc
J Sainsbury plc is a leading UK food retailer with interests
in financial services. It consists of Sainsbury's Supermarkets,
Sainsbury's Local, Bells Stores, Jacksons Stores, Sainsbury's
Online and Sainsbury's Bank. It employs 153,000 people. Sainsbury's
Supermarkets is the number three UK supermarket with a market
share of 16%, for a spend of approximately £11 billion.
About PrimeRevenue, Inc.
PrimeRevenue's leading global Supply Chain Finance (SCF) platform
and solutions enable dramatic new working capital efficiencies
for the benefit of buyers and their suppliers. PrimeRevenue
achieves this through the delivery of secure, robust, industry-leading
technology, a global community of the world’s most innovative
financial institutions and partners, and flexible working
capital solutions and advice. Companies are relying on SCF
deployments powered by PrimeRevenue to increase profitability,
remove risk from their supply chain, and forge stronger trading
partner relationships. Headquartered in Atlanta, Georgia,
PrimeRevenue has offices and customers throughout the world.
For more information visit www.primerevenue.com.
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