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|Comments - Tesco admits breaking grocery code of practice over treatment of suppliers|
|Monday, 08 June 2015|
Tracy Ewen, managing director of IGF Invoice Finance, comments on the news that Tesco has admitted breaking grocery code of practice over treatment of suppliers:
“The admission from Tesco that it has been mistreating its suppliers tells many small business owners what they already know - that the payment terms many are subjected to are unacceptable. For a large number of small businesses this clearly isn’t a practice that’s sustainable, but it is a reality they have very little power to change. Furthermore, the news that the Grocery Code Adjudicator (GCA) will soon be able to fine retailers 1% of UK revenue will be welcomed by SME owners; a huge extension of its current limited powers to merely ‘name and shame’.
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