Tuskys Supermarket’s suppliers trading portal has been termed as the future of retail trading after roping Ksh 1 billion turnover.
According to the retailer who has embarked on a recovery strategy, the platform, which provides a supply and prompt payment platform suppliers, accounts for more than 70 percent of the firm’s key suppliers.
“We have no doubt that this portal is the future of retail trading and we are doing all we can to secure its entrenchment as our anchor platform for all our supplier engagements,” the Group’s CEO Dan Githua Githua said.
Sales registered via the new suppliers’ portal enjoy end to end protection, and the funds held in a custodial account can only be used to settle supplier dues on a priority basis.
Tuskys owes suppliers KSh6.2 billion but says it has reached an agreement to pay 40 percent of the amount over two years.
On the other hand, the retailer’s board of directors confirmed that they had signed terms of agreement with an undisclosed Mauritius-based private equity fund for the provision of a financing facility amounting to approximately Kshs 2.0 billion.