Thursday 2 Apr 2020
Network Rail gives suppliers cashflow boost
- Region & Route:
Network Rail is giving thousands of British firms a vital boost to their cashflow during the coronavirus crisis, by announcing a move to immediate payments for its suppliers. This means payment could be up to seven days quicker for SMEs and up to 28 days quicker 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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About Network Rail
We own, operate and develop Britain's railway infrastructure; that's 20,000 miles of track, 30,000 bridges, tunnels and viaducts and the thousands of signals, level crossings and stations. We run 20 of the UK's largest stations while all the others, over 2,500, are run by the country's train operating companies.
Usually, there are almost five million journeys made in the UK and over 600 freight trains run on the network. People depend on Britain's railway for their daily commute, to visit friends and loved ones and to get them home safe every day. Our role is to deliver a safe and reliable railway, so we carefully manage and deliver thousands of projects every year that form part of the multi-billion pound Railway Upgrade Plan, to grow and expand the nation's railway network to respond to the tremendous growth and demand the railway has experienced - a doubling of passenger journeys over the past 20 years.