It is focused on high volume commodity ingredients, such as cooking oil, butter, chicken, high volume cheese, and chips.
Shaun Allen, chief executive of Prestige Purchasing, said: “These types of products are typically purchased direct from manufacturer and are generally of similar specification across the whole sector.
“Initial analysis has shown that dependent upon sector these product types represent between 5% and 25% of total spend. The project is open to any hospitality/foodservice business with a total pre-Covid annual food spend in excess of £20m.
“Hospitality businesses are facing unprecedented headwinds in the months and years ahead. In an environment where volumes will be weak and the opportunity to raise prices limited, operators need to leave no stone unturned in the quest to reduce cost per transaction. This initiative will provide an affordable means of substantially and measurably lowering costs, without any compromise to the customer experience.”
David Read, Chairman of Prestige Purchasing added: “Our long-standing reputation for integrity, transparency and professional project management has helped greatly with getting this project off the ground. We look forward to working with the sector to create the optimum outcomes for all.”
Full details of the initiative are available to download from https://www.prestige-purchasing.com/commoditycollaboration/