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Good Business Pays names big companies on late payers list

Friday 15th March, 2024

Research from Good Business Pays shows a 20% increase in companies reporting average payment times of over 80 days, with the largest surge in companies reporting payments being made between 80-90 days.

Good Business Pays, which campaigns for the fairer treatment of suppliers, analysed public filings from more than 5,000 companies to identify slow and late payers.

Coca-Cola’s UK arm, Formula One Marketing and Reckitt are among “a rogues’ gallery” of the slowest payers to small businesses in Britain, taking an average of more than 110 days to pay their invoices, the Times reported.

Over 90 companies are noted as serial late payers, appearing on the late payment watchlist every year since payment reporting was made a statutory duty in 2017. 

The findings come weeks before the government is due to implement new measures to tackle the issue, including handing the small business commissioner more powers to investigate late payments.

“These companies are the worst of British businesses and are forming a rogues’ gallery of people that pay their small businesses late, or they are serial late payers,” Craig Beaumont, from the Federation of Small Businesses, said.

Coca-Cola Europacific Partners, which includes a British operation, reported an average payment time of 110 days. Reckitt, the consumer goods group that owns brands including Dettol and Nurofen, took 125 days to pay suppliers. Formula One Marketing, a subsidiary of Formula One Group, paid its invoices in 124 days. The paper reported.

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