Tesco Ireland changes payment terms for small Irish suppliers
20 March 2020 | 0
Tesco Ireland today announced that to support its small and local suppliers, it is temporarily changing its payment terms to ensure that they get paid as quickly as possible during this Covid-19 crisis. Invoices will now be processed within five days as opposed to the current 14 days.
The change will commence from Wednesday, 25 March for a three-month period for over 200 small Irish food and drinks companies.
“We recognise this is a particularly challenging time for the whole industry, and especially for small businesses in terms of their cashflow requirements,” said Joe Manning, commercial director of Tesco Ireland.
“These are local, often family-run businesses, in communities all around the country and to assist them at this time, we will be initiating payment of invoices as we receive them,” Manning added. “We appreciate the support of our suppliers as we work together to get through this, and we want to support them in return.”
Tesco Ireland said the group continues to work closely with its suppliers to respond to the current situation.
This change in payment terms will remain in place until Wednesday, 17 June 2020.