18 June 1999
United Auctions reviews payment terms

UNITED Auctions has been forced to reviews its terms and conditions of sale in the face of widespread criticism.

Earlier this year, United altered its terms of business so that vendors were not paid until three days after the sale.

The company also reduced the discount on offer to buyers who opted to settle their account on the day of purchase.

But United said at its annual general meeting yesterday (Thursday) that it would be looking again at the decision.

The financial report showed trade debtors of £3.4 million and farmstock debtors of £815,000. Its loss of operating activities stood at £790,000.