Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Credit insurer withdraws cover for Woolworths suppliers

Credit insurer Coface has withdrawn credit insurance cover for the high street chain Woolworths' suppliers.

The decision means that suppliers could insist on earlier payment for goods. Credit insurers provide cover for suppliers, protecting them against losses if a company fails to pay its bills.

But Woolworths insisted that it was comfortable with its financial position.

"Woolworths continues to work closely with suppliers and credit insurers in what is clearly a difficult environment for both the retail and wholesale sectors," said a Woolworths spokesman.

He added that "a substantial proportion" of Woolworths retail suppliers have traditionally operated without credit insurance. "We are confident that we will be able to ensure a successful Christmas for our suppliers and customers," he said.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.