UNDER EMBARGO UNTIL 06 October 2015 18:45
FSB welcomes Tesco’s improvement to payment practices
Commenting on Tesco’s decision to move to standard payment terms across its supply chain, John Allan, National Chairman for the Federation of Small Businesses, said:
“We are pleased to see Tesco has listened to our arguments, and made improvements to its payment practices towards its smaller suppliers. The new standardised and clearly defined payment terms should provide a far more reasonable payment framework for small firms. It will allow them to have more confidence when doing business, giving them the ability to plan ahead more effectively.
“Recent FSB research shows that late payment has resulted in a third of its members (32%) paying its own suppliers late with three in 10 saying it has affected their ability to grow. We hope today’s announcement will go some way to easing the pressure on the supply chain and that other big companies will make similar changes to their payment terms.”
The Federation of Small Businesses is the UK's largest campaigning pressure group promoting and protecting the interests of the self-employed and owners of small firms. Formed in 1974, it now has around 200,000 members across 33 regions and 188 branches.
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