Peacocks suppliers owed over £1m in late payments

4573
Peacocks suppliers Tradewind
Peacocks has offered to pay the suppliers who were directly affected
// Peacocks owes over £1m to suppliers
// A number of suppliers have said payments are more than 30 days overdue

Peacocks suppliers are owed millions of pounds in late payments from finance company Tradewind.

A number of suppliers have said that payments are more than 30 days overdue, with several owed more than £1 million, Drapers reported.

However, the fashion value retailer has offered to pay the suppliers who were directly affected.


READ MORE: Peacocks updates supplier payment terms


Just recently, Edinburgh Woollen Mill owner Philip Day changed his company’s payment terms for suppliers in January.

It changed standard terms to process all payments through Tradewind, which charges suppliers a fee of 2.25 per cent on each invoice.

Suppliers are paid in seven to 10 days by Tradewind, and Peacocks then pays Tradewind within 130 days.

Meanwhile, a total of 40 per cent of Peacocks suppliers use Tradewind or a similar finance provider.

The retailer said the new payment terms would allow it to simplify payment processes across the business.

Click here to sign up to Retail Gazette‘s free daily email newsletter