By John Smith • Published: 03 Apr 2020 • 14:00
IN an attempt to ensure that all of its suppliers are not financially affected by the state of alarm, supermarket chain Mercadona has obtained credit lines of €2 billion (€500 million from each of four main Spanish banks).
Although income for most supermarkets is up during the current crisis, Mercadona wants to pay its suppliers immediately, rather than in the normal 40 or so days following receipt of invoices.
The banks are content as they know that Mercadona sales will come in to underwrite the loans.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews
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