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Comments - Tesco admits breaking grocery code of practice over treatment of suppliers PDF Print E-mail
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’.
 
"However, until such powers to fine and take serious legal action against supermarkets are introduced, we may see small companies fold unnecessarily. The macroeconomic impact of this could have damaging repercussions for the economy as a whole. For those firms mired in long payment terms, there are options available that cover the gap between work completed and money in the bank. It’s therefore important for firms to thoroughly review their options and make use of any free financial advice that their own financial partners and suppliers can offer before pressure from large customers impacts their growth or operations.”

(Source - IGF Media Alert)
 

 

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