Tesco Ireland confirms long-term support for small suppliers
21 January 2021
Wicklow Rapeseed Oil company to benefit from improved five-day payment terms
Tesco Ireland has today confirmed that it is extending its improved payment terms for small suppliers, until the end of February 2022.
Since the emergence of the pandemic in March last year, Tesco announced that it would support small and local suppliers by temporarily changing its payment terms to have their invoices processed within five days, instead of the usual 14 days. While the impact of the pandemic continues to be felt, the extension of Tesco’s improved payment terms will mean small businesses will be supported further.
This is welcome news for suppliers, including Wicklow Rapeseed Oil, who has worked with Tesco for over five years. Keith Symes, Managing Director, Wicklow Rapeseed Oil, said: “This is a huge help for a company like ours. Securing five-day payment terms until February of next year helps us improve cash flow at a time when we need to provide what certainty we can to our four full-time and four part-time staff. We’re grateful to Tesco for their sensitivity to the small supplier and look forward to continuing to supply our award-winning products from our fourth-generation farm in Wicklow to family tables across the country.”
Joe Manning, Commercial Director, Tesco Ireland said: “Small food and drink suppliers have been amongst the hardest hit in the food industry in the past 10 months. I’m delighted we’ve been able to give over 200 small suppliers like Wicklow Rapeseed Oil long-term certainty for the year ahead, and thank them for their ongoing hard work and resilience
Tesco sources from over 480 local Irish food and drink suppliers and supports 13,000 Irish farming families.