The Business, Energy and Industrial Strategy (BEIS) Committee has today published correspondence with Patisserie Valerie regarding their payment practices, following a recent Committee inquiry on small businesses and productivity which highlighted issues such as long payment terms and late payments.
Rachel Reeves MP, Chair of the Business, Energy and Industrial Strategy Committee said:
"This response from Patisserie Valerie suggests that the new management are trying to clear up the mistakes of the past and get to grips with late payments to suppliers. They have promised updated details on payment practices in 6 months and we shall hold them to that timescale. It’s vitally important for SMEs that they are paid fairly and on time and it is an indictment of the Government’s current reporting requirements that firms are allowed to evade their obligations to report on their payment practices and to do so without penalty or further effective scrutiny from the Small Business Commissioner."
The BEIS Committee has also published its correspondence with Grant Thornton on Patisserie Valerie, in relation to the BEIS Committee’s current inquiry on the future of audit.
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