Monday 3rd August, 2020
British Supermarket 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. Tesco said.