Tuesday 16th June, 2020
Five companies have pro-actively engaged with the Prompt Payment Code Compliance Board by submitting action plans outlining how they plan to achieve compliance and meet the commitments of the Code.
These companies are:
• BT PLC
• Kier Highways
• Seddon Construction
According to the Prompt Payment Code:
Prior to being suspended from the Code, BT PLC were paying 59% of invoices within 60 days and are now paying at 94%.
IBM were paying 55% of invoices within 60 days and are now paying at 90%.
Kier Highways were paying 79% of invoices within 60 days and are now paying at 98%.
Screwfix were paying 18% of invoices within 60 days and are now paying at 91%.
Seddon Construction were paying 19% of invoices within 60 days and are now paying at 92%.
Four of the companies reinstated are currently working towards paying 95% of all invoices to meet the code criteria.
Interim Small Business Commissioner, Philip King said: “The current pandemic crisis is placing an extraordinary pressure on the cashflow of businesses and it is more important than ever that Code signatories honour their payment practice commitments. I welcome other businesses to become signatories and help change the culture of late payments which will stimulate the economic recovery of UK businesses.
“It is encouraging to see suspended signatories now adhering to the requirements of the Code and being reinstated but the companies who continue to treat their suppliers unfairly remains a concern. I will continue to challenge signatories if the obligatory Payment Practice Reporting data, or a specific challenge from a supplier or representative body, suggests that their practices are not compliant with the Code.”