6/22/2009 10:50:00 AM
Vodafone changes supplier payment terms to cut costs
Vodafone is changing its payment terms for suppliers as it looks to cut costs by £1bn, according to reports.
According to a report in the Telegraph, the network claimed the move would standardise its payment terms across the world and would not necessarily result in extended payment periods for all suppliers.
Vodafone said it ‘always tries’ to ‘improve operating efficiency’ and that it was working with suppliers to ensure ‘they are able to work through any changes’.
The operator has moved its global brand to Ireland and its global procurement operations to Luxembourg in a bid to cut its UK tax bill.