Meet with approval as warehouse supply (2,4,4)

I believe the answer is:

go down well

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'meet with approval' is the definition.
I don't know anything about this answer so I cannot tell whether it can be defined by this definition.

'warehouse supply' is the wordplay.
'warehouse' becomes 'go down' (godown is a kind of warehouse).
'supply' becomes 'well' (well can mean a supply or reservoir).
'godown'+'well'='GO DOWN WELL'

'as' is the link.

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I've seen this clue in The Sunday Times.

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