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Small businesses waiting months for payment, as Tesco tops list of retail late payers

by on November 14, 2016 in Latest News, Lead Article, Lead story, Retail, Retail News

Small businesses waiting months for payment, as Tesco tops list of retail late payers
Ormsby Street analysis reveals the payment performance of some of the UK’s best-known retailersSupermarket giant Tesco has the worst payment performance amongst a list of the UK’s best-known retailers, taking an average of 105 days beyond terms to pay its suppliers. Iceland and Debenhams were the next two retailers on the list, taking an average of 75 days and 73 days beyond terms respectively to pay their suppliers. 

The data analysis by fintech startup Ormsby Street, also revealed that the average time taken to pay a supplier amongst the list of 20 retailers was 45 days beyond terms. With previous Ormsby Street research revealing that the average overdue invoice to a small business was worth £6,142, small business suppliers to some UK retailers could be waiting prohibitively long to receive payment on a considerable amount of money.

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