Tesco is extending its improved payment terms scheme for its smaller suppliers until 31 January 2021.
Under the initiative, brought in to assist hard-hit small suppliers at the start of the Covid-19 crisis, nearly 2,000 suppliers will continue to have their invoices paid immediately, instead of the usual 14 days.
According to Tesco, the extension has been put in place to ensure suppliers are 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.”
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