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September 01 2017
Discount supermarket Aldi has announced new payment terms for smaller suppliers that will shorten the time taken to pay an invoice to only 14 days from 11 September. This follows similar announcements by Tesco in October 2015 and Waitrose in July 2016 and Morrisons in March 2017.
The retailer said that the new terms would affect around 400 suppliers in the UK with which it trades £400,000 of goods each year
Tony Baines, managing director of buying at Aldi said:
"We have worked with many of our current suppliers since we entered the UK market more than a quarter of a century ago, and are always looking for ways in which we can work more effectively with them."
Samantha White, CEO of My Credit Controllers said:
"My Credit Controllers welcomes the way that supermarkets are taking a lead in setting quicker payment terms, at least for their smallest suppliers, but agreeing quick terms is not the same as sticking to those terms and companies must be vigilant that their customers are not finding ways to extend their credit. "
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