Tesco Ireland has announced that it is extending its improved payment terms for small suppliers to the end of February 2022, with many small-to-medium sized businesses still suffering the adverse effects of the pandemic.
Last year, the retailer said that it would temporarily change its payment terms to have small and local supplier invoices processed within five days, instead of the usual 14 days. This has now been extended.
“Small food and drink suppliers have been amongst the hardest hit in the food industry in the past 10 months," commented Joe Manning, commercial director, Tesco Ireland.
"I’m delighted we’ve been able to give over 200 small suppliers [...] certainty for the year ahead, and thank them for their ongoing hard work and resilience."
Tesco sources products from over 480 local food and drink suppliers across Ireland.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.