UPS Capital & Fritz win contracts with Eurofrut
Eurofrut plc, a U.K. company that imports fruit from South Africa and distributes it to supermarkets across Britain, now is financing its business and moving its product through UPS. (1/17/2002)
Through its own U.K. subsidiary, UPS Capital advances Eurofrut up to 85% of the value of its invoices within one business day of issuance compared to the 28 – 35 day delay in receiving payment that is standard in the grocery-supplier industry.
Fritz, a UPS Company, now is managing Eurofrut’s distribution chain, handling the air freight, pick-and-pack; import and export documentation; transportation from Cape Town to the United Kingdom, and clearance through British customs.
“Because we are both the importer and the distributor, we need to have real-time access to capital,” said Ian Matthews, founder and president of Eurofrut. “UPS Capital allows us to pay our growers in a timely manner by obtaining up-front advances for orders from supermarkets, dramatically improving our cash flow. Plus, our suppliers trust the UPS brand, which adds stability to our relationships.
“UPS came to the table with an integrated solution that no one could match,” Matthews added.
“Our agreement with Eurofrut reflects UPS’s vision of 21st century commerce, which is to merge the flow of goods, funds and information,” said Bob Bernabucci, CEO of UPS Capital. “By integrating the capabilities of two business units, UPS offers Eurofrut a simple and efficient means of entering markets and capturing market share.”
“This demonstrates the power of UPS’s supply chain solutions because we can touch several parts of a customer’s business,” added David Abney, CEO of UPS Freight Services. “Ours is a tremendous value proposition with our portfolio of offerings that range from small package to air, ocean and ground freight, logistics, brokerage and financial services.”
