Payment period doubled
Clothing retailers Bhs and the Arcadia Group, owned by Sir Philip Green, are seeking to force harsher payment terms on their suppliers, according to reports out today.

The companies have written to their suppliers this week asking for a 1 per cent discount on goods and a doubling of the payment period to 60 days.

Sir Philip has said the payment terms are in line with those of direct competitors such as New Look, Debenhams and Marks & Spencer, which have all tightened supplier terms over the past year.

No one from Arcadia was available for comment.