Tesco has announced its improved payment terms for its smallest suppliers will remain in place until the end of February 2022.
The improved terms have been supporting suppliers since March last year and now more than 1,300 of Tesco’s smallest 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. The extension of Tesco’s improved payment terms will mean small businesses will continue to be supported through this time of uncertainty.
Chief Product Officer, Ashwin Prasad said:
“It’s vital we continue to do all we can to support the smallest suppliers we partner with throughout this uncertain time. I’m delighted we’ve been able to give them the long-term certainty they need, by extending these improved payment terms until the end of February next year.”