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04 Jun 2009
Vendors have leapt to Northamber’s defence after credit insurer Euler Hermes reduced exposure to the broadline distributor.
The underwriter informed Northamber suppliers last week that it is cutting the amount of available credit insurance to trading levels.
But Phil Jones, sales and marketing director at printer vendor and Northamber partner Brother, said the move would have minimal impact.
Further reading
“Although Euler has taken a position against a number of distributors it does not materially affect our relationship with them,” he said.
Another vendor, who wished to remain anonymous, said he did not use Euler, but that Northamber’s payment record was “exemplary”.
Northamber ended the period to 31 March with a cash balance of £13.2m. A representative declined to confirm the story, but stressed the distributor’s sound financial shape.
“We have £30m of net assets and in view of Northamber’s strong position this is interesting,” he said.
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