Business

Tesco to accelerate payments to small suppliers

Supermarket chain says it will process invoices from local firms within five days

Tesco said that it would process invoices from the 200 such businesses that supply it within five days as opposed to the usual 14 days

Fri Mar 20 2020 - 19:41

Supermarket giant Tesco has pledged to accelerate payments to local suppliers during the ongoing Covid-19 crisis.

The chain said on Friday that it would process invoices from the 200 such businesses that supply it within five days as opposed to the usual 14 days.

Tesco added that the new terms would apply from next Wednesday, March 25th for three months until Wednesday, June 17th.

Joe Manning, Tesco Ireland commercial director, pointed out that the company recognised that this was a particularly challenging time for the whole industry, particularly for small businesses with cash flow needs.

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Mr Manning explained that many of the suppliers were small, often family-run operations.

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