Discount fashion chain to pay suppliers in record time
By Sarah Wood | 28th January 2019
Suppliers to value fashion retailer, Peacocks, will get their invoices paid quickly - but they will have to cough up for the privilege.
The retailer, which has stores in Tewkesbury, Gloucester, Stroud and Cirencester, is increasing the time it take to pay suppliers from 90 days to 130 days. But they will still receive their cash within seven to 10 days - because finance company Tradewind will pay them directly - at a cost of 2.25 per cent on each invoice, as reported by The Times.
A spokesperson for Peacocks said: "Our relationships with our suppliers are fundamental to the business and we always seek to provide our partners with quick and simple payment.
"The deal we have negotiated with Tradewind means that suppliers are guaranteed to get paid in seven to 10 days, which is quicker than anyone else on the high street and at better rates than they could access elsewhere. The vast majority of our suppliers currently use Tradewind."
Peacocks is part of the Edinburgh Woollen Mill group and was saved from administration by billionaire owner Philip Day in 2012.
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