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Trade support for credit move

The British Shops and Stores Association (BSSA) and Associated Independent Stores (AIS) are the latest organisations to back the British Clothing Industry Association’s (BCIA) Credit Insurance Campaign.

As Drapers went to press, the BCIA was preparing a letter and dossier of evidence to send to Peter Mandelson, secretary of state for business, enterprise and regulatory reform.
The letter will request a meeting with Mandelson and detail how the fashion industry has been severely impacted by the withdrawal of credit insurance against a raft of retailers. The BCIA is calling on the government to divert some of the cash pumped into financial institutions to provide a credit insurance scheme for suppliers.

BSSA chief executive John Dean said: “Trade credit insurance can be just as important to the survival of the small retail business as the large multiple. The underwriting of credit insurance by the government would take a major uncertainty out of the retail equation.”

AIS finance director Amanda Smith said: “We share the view expressed by the CBI that this is one of the biggest issues facing retailers and their suppliers.”

Last week, the British Footwear Association also gave its support to the campaign, which has been backed by Drapers.

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