Iceland suppliers have had their cover slashed by a major credit insurer as soaring energy costs place the food retailer under mounting pressure.
Insurer Coface cut cover on Iceland’s suppliers in December, following the lead of both Allianz Trade and Atradius, who cut their coverage on the frozen food specialist last year, according to The Sunday Times.
The removal of credit insurance means suppliers are no longer protected against the risk of the retailer going bust between an order being delivered and payment being received.
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