Tesco Ireland changes its payment terms for small Irish suppliers
Tesco Ireland today announced that to support its small and local suppliers, it is temporarily changing its payment terms to ensure that they get paid as quickly as possible during this COVID-19 crisis. Invoices will now be processed within five days as opposed to the current 14 days. This change will commence from Wednesday 25th March for a three-month period for over 200 small Irish food and drinks companies.
Joe Manning, Commercial Director, Tesco Ireland said; “We recognise this is a particularly challenging time for the whole industry, and especially for small businesses in terms of their cashflow requirements. These are local, often family run businesses, in communities all around the country and to assist them at this time, we will be initiating payment of invoices as we receive them. We appreciate the support of our suppliers as we work together to get through this, and we want to support them in return.”
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.
This change in payment terms will commence from Wednesday 25th March 2020 and will remain in place until Wednesday 17th June 2020.