Tesco Ireland is temporarily changing its payment terms for small and local suppliers to ensure that they get paid as quickly as possible during the COVID-19 crisis.

Invoices will now be processed within five days as opposed to the current 14 days, it said on Friday evening.

This change will commence from Wednesday 25 March for a three-month period for over 200 small Irish food and drinks companies.

Challenging time

Commercial director at Tesco Ireland Joe Manning said: “We recognise this is a particularly challenging time for the whole industry and especially for small businesses in terms of their cashflow requirements.

“These are local, often family-run businesses, in communities all around the country and to assist them at this time, we will be initiating payment of invoices as we receive them.

“We appreciate the support of our suppliers as we work together to get through this and we want to support them in return.”

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