Network Rail is giving thousands of British companies a vital boost to their cash flow during the coronavirus crisis – less than two weeks after offering rent relief for tenants in its commercial property portfolio.
Today, Network Rail has announced it will pay its suppliers immediately. It means payment could be up to seven days quicker for small to medium-sized businesses (SMEs) and up to 28 days faster for other suppliers.
From Monday 30 March, Network Rail 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.
Faster payments will support and strengthen the extensive supply chain that keeps Britain’s railway moving.
Network Rail and its supply chain have a key role to play during this 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.
Clive Berrington, Commercial and Procurement director for Network Rail, 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.”
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