Five-day payment terms introduced in response to COVID-19 challenges
Tesco Ireland has announced it is extending its amended payment terms for its smaller suppliers until 31st January 2021.
With this extension, over 200 small Irish food and drinks companies will continue to have their invoices paid immediately, instead of the usual 14 days.
Since the beginning of the Covid-19 pandemic, smaller suppliers have been amongst the hardest hit in the food industry. This extension of Tesco’s improved payment terms will mean small businesses will continue to be supported throughout the busy Christmas period and beyond.
Joe Manning, Commercial Director, Tesco Ireland, 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. We hope this will be an ongoing help to suppliers at this time.”
Tesco Ireland continues to work closely with its suppliers to respond to the current situation, to support their businesses and together to serve its customers.
