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Primark signs up to supplier payment code

Primark has signed up to a government initiative which aims to name and shame retailers into paying their suppliers on time.

Primark has adopted the Prompt Payment Code, which has been drawn up by the Department for Business Innovation and Skills and the Institute of Credit Management (ICM), which aims to stop bigger retailers holding back payments to improve their own cash flow at the expense of smaller suppliers.

If retailers who have signed up to the initiative fail to pay their suppliers within an agreed time frame then they would risk being struck off the register.

John Lewis, Tesco and Asda are also believed to have signed up to the scheme but other big high street names including Marks & Spencer, Next and Debenhams have not yet backed to code, according the The Mail on Sunday.

 

 

 

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