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| Premier Foods accused over 'pay and stay' practice http://www.x404.co.uk/forum/viewtopic.php?f=19&t=22990 |
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| Author: | pcernie [ Thu Dec 04, 2014 10:59 pm ] |
| Post subject: | Premier Foods accused over 'pay and stay' practice |
http://www.bbc.co.uk/news/business-30338663  That is staggeringly corrupt - I wonder which team of accountants are signing off on that? Or do they even know about it? That 'scheme' should never have been enacted by any company, never mind one that's listed on the LSE. |
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| Author: | cloaked_wolf [ Thu Dec 04, 2014 11:02 pm ] |
| Post subject: | Re: Premier Foods accused over 'pay and stay' practice |
My brain is frazzled at the mo. Am i right in thinking if no one pays, the company goes under? By the sound of things they're extorting their customers just so they can stay alive. |
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| Author: | pcernie [ Thu Dec 04, 2014 11:20 pm ] | |||||||||
| Post subject: | Re: Premier Foods accused over 'pay and stay' practice | |||||||||
It certainly sounds like it. |
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| Author: | AlunD [ Fri Dec 05, 2014 8:46 am ] |
| Post subject: | Re: Premier Foods accused over 'pay and stay' practice |
Sadly I've come across this sort of thing in the past when a major company requires their suppliers to pay to be listed to buy from. |
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| Author: | Spreadie [ Fri Dec 05, 2014 4:17 pm ] |
| Post subject: | Re: Premier Foods accused over 'pay and stay' practice |
I had this from a customer back in May/June - a nation wide company. They said they were re-evaluating their supplier list and asked that we submit to a supplier audit. Of course, we had to re-register as a supplier and there was a "fee" of £1500 to cover the registration and the audit. I told them that we are already a supplier with comparable or higher QA standards than they have and if they wish to audit us that is fine, but not at our cost; and if they felt the need to go elsewhere that would be a shame but we wish them well, and thank them for their custom. They still buy the same materials in the same quantities from us every single day. We're in the fortunate position in that competing suppliers rarely offer the same service and quality, and the customer knows it, so I could afford to be a little bullish. I can imagine how many other felt pressured into accepting though. |
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| Author: | MrStevenRogers [ Sat Dec 06, 2014 12:16 am ] |
| Post subject: | Re: Premier Foods accused over 'pay and stay' practice |
this smells like a protection racket ... |
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| Author: | jonbwfc [ Sat Dec 06, 2014 9:43 am ] |
| Post subject: | Re: Premier Foods accused over 'pay and stay' practice |
It certainly seems to fit the definition of extortion to me. |
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| Author: | davrosG5 [ Sat Dec 06, 2014 10:01 am ] |
| Post subject: | Re: Premier Foods accused over 'pay and stay' practice |
Apparently even the Institue of Directors are rather cross about this as well (although from what they've actually said they seem to be more cross that Premier got caught and it's giving politicians an excuse to impose further regulation). |
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| Author: | pcernie [ Sun Dec 07, 2014 6:36 pm ] |
| Post subject: | Re: Premier Foods accused over 'pay and stay' practice |
Oh, look http://www.bbc.co.uk/news/business-30367723 |
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| Author: | MrStevenRogers [ Sun Dec 07, 2014 6:45 pm ] | |||||||||
| Post subject: | Re: Premier Foods accused over 'pay and stay' practice | |||||||||
make them an offer that they cant refuse ... |
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| Author: | davrosG5 [ Mon Dec 08, 2014 11:43 am ] |
| Post subject: | Re: Premier Foods accused over 'pay and stay' practice |
Indeed. They've switched from "pay us up front to stay on our books" to "give us a massive discount to stay on our books" so despite the net effect probably being roughly the same one seems slightly less morally reprehensible than the other so all is right with the world again. 
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