With many non-essential retailers across the UK and Ireland experiencing a second government-imposed Covid-19 lockdown, the Company of Master Jewellers (CMJ) has announced that it will once again bring forward its retrospective rebate payment to members in an effort to provide them with financial support at this time.
Full retailer members of the CMJ will receive their retrospective rebate in December, seven months earlier than normal. The group has also once again doubled the minimum payment that they will receive.
In addition, CMJ associate members, who are not shareholders of the CMJ and therefore not entitled to the retrospective rebate, will again receive financial support from the group in the form of an ex-gratia payment.
Michael Aldridge, Chairman of the CMJ, said: “The CMJ acknowledges that our members have – for the second time – suffered further difficulties, with forced government restrictions just as we had entered into our busiest trading period. Our aim is to provide financial support to all retailers of the CMJ family. We hope this will go some way towards supporting their businesses as we strive to combat this unprecedented situation.
“Over the past 10 months, retailers have had to deal with an unprecedented level of disruption and change, and find new ways to adapt the way they trade. The CMJ is here to support our members and will continue to do so.”
In April 2020, the CMJ made its first, unprecedented decision to bring forward retro payments to full members by three months, as well as increasing the minimum payment and making an ex-gratia payment to associate members, to support members during the first lockdown.