Tesco has announced it will be extending its improved payment terms for its smaller suppliers until 31 January 2021. Nearly 2,000 suppliers 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.
Chief Product Officer, Andrew Yaxley said:
“With uncertainty in the food sector continuing, it’s vital we do all we can to support the small suppliers we partner with. I’m delighted we’ve been able to confirm this improvement to payment terms until the end of January next year, giving smaller suppliers the certainty they need as we continue to navigate our way through the COVID-19 pandemic.”