Backdated to March 30, NR has committed to immediate payments to suppliers, or as close to immediate as possible. This means payments could be up to seven days quicker for SMEs and up to 28 days quicker for other suppliers. The move follows the approval of a payment ledger with the expectation that subsequent payments will flow throughout the supply chain.
“Our priority is to support the supply chain as much as possible through these unprecedented times,” says Mr Clive Berrington, commercial and procurement director for NR. “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.”