Morrisons to shorten payment terms as it looks for suppliers

Morrisons is to shorten its payment terms for its smaller suppliers to a maximum of 14 days, from this month. All goods for resale suppliers, whose business with Morrisons is worth up to £100,000 annually with Morrisons, will be paid within 14 days of receipt of a valid electronic invoice. As a result, more than 3,000 suppliers will be on payment terms of less than 14 days. Morrisons is also aiming to find 200 local suppliers as part of its ‘Nation’s Local Foodmakers’ programme and they could benefit from the change.

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