Monday 18 November, 2019
The Chartered Institute of Credit Management (CICM) has announced that 20 firms, including AstraZeneca, IBM and Unilever have been suspended from the Prompt Payment Code for failing to pay suppliers on time.
According to the CICM, all of the businesses are engaging with them and have already submitted action plans towards achieving compliance, proving the effectiveness of the PPC in positively changing payment behaviours.
A further 9 businesses have been reinstated to the Code having demonstrated compliance for at least the last two consecutive months.
Mr King said: “We will continue to challenge signatories to the Code if the obligatory Payment Practice Reporting data suggests that their practices are not compliant. We are encouraged by those who have already submitted action plans to achieve future compliance, and we are working closely with those businesses to support a better payment culture.”
The 20 suspended companies are:
•Aberdeen Asset Management PLC
•Anglo American Services (UK) Ltd
•Diageo Scotland Limited
•Diageo Global Supply IBC Limited
•Diageo Northern Ireland Ltd
•Diageo Great Britain Ltd
•Eurovia Infrastructure Limited
•GlaxoSmithKline Consumer Healthcare (UK) Trading Limited
•GlaxoSmithKline UK Limited
•IBM United Kingdom Ltd
•Kier Integrated Services Limited
•Kier Infrastucture and Overseas Limited
•Kier Construction Limited
•Kier Highways Limited
•McNicholas Construction Services Limited
•Seddon Construction Ltd
•Smith & Nephew UK Limited
•J. Smith and Nephew, Limited
•Unilever UK Ltd
The 9 reinstated companies are:
•BAE Systems Applied Intelligence Limited
•Kellogg Brown & Root Limited
•Maintenance Management Ltd
•Severfield (Design & Build) Limited
•Stantec UK Ltd
Of the 35 signatories suspended in April and July, 11 have now been reinstated.
The Code is administered by the CICM on behalf of the Department for Business, Energy and Industrial Strategy (BEIS). Signatories pledge to uphold its best practice for payment standards to end the culture of late payment.