Tesco Ireland has announced that it is to extend its amended payment terms for small suppliers until 31 January 2021.
The extension will enable more than 200 small Irish food and drinks companies to receive immediate payment for their invoices instead of the usual 14 days.
Smaller suppliers have been amongst the hardest hit in the food industry since the beginning of the COVID-19 pandemic, Tesco added.
Commercial director of Tesco Ireland, Joe Manning, said, “We recognise the ongoing challenges in the food sector, especially for small suppliers, so it is vital that we do our best to support the small supplier partners we work closely with.
“These are local, often family-run businesses, in communities all around Ireland and to assist them at this time, we’re delighted to extend the payment terms until the end of January 2021.”
The extension of fast-track payment will support these businesses throughout the Christmas period and beyond.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.