Network Rail gives suppliers cashflow boost with immediate payment pledgeApr 27, 2020
NETWORK Rail, the organisation that manages the UK’s rail infrastructure, has announced a move to immediate payment for suppliers.
The decision is a vital boost to the cashflow of thousands of British firms during the coronavirus crisis. Payment could be up to seven days quicker for smaller firms and up to 28 days quicker for other suppliers.
Faster payments will support and strengthen the extensive supply chain that keeps Britain’s railway moving, says Network Rail, whose national headquarters are next to Milton Keynes Central railway station.
It has committed to pay its suppliers immediately, or as close to immediately as possible, following approval of the payment ledger, with the expectation that subsequent payments flow down the supply chain.
Network Rail has a key role during the coronavirus pandemic, ensuring that the railway can continue to get critical medical supplies to hospitals, food to supermarkets, and key workers such as doctors, nurses and police officers to their jobs.
Its commercial and procurement director Clive Berrington said: “Our priority is to support the supply chain as much as possible through these unprecedented times. We have therefore moved all our suppliers to immediate payment terms, or as close as you can get following approval of the invoice, and we expect that to flow down to the supply chain.”
“Together, we can help to ensure we have a strong supply chain when we emerge from this pandemic.”
by ANDREW GIBBS e: email@example.com