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|EXPERT COMMENT: Supermarkets failing to pay suppliers on time|
|Thursday, 21 May 2015|
Tracy Ewen, managing director of IGF Invoice Finance, comments on research from Experian revealing that supermarkets are taking more than a month longer than agreed terms to settle debts with suppliers.
“The payment terms that many suppliers in the UK are subject to are not fit for purpose - with supermarkets in particular the worst offenders in taking too long to pay their suppliers. Clearly, for many small businesses this isn’t a sustainable practice, yet it is a reality that they have very little power to change. The intense cashflow pressures that these firms face should be enough to push the government to adopt the stronger regulatory stance set out in Sajid Javid’s Enterprise Bill, which seeks to stop such abuses of power by some of the UK’s larger companies.
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