And in other news … 11 firms are suspended from the Prompt Payment Code
The Prompt Payment Code, managed by Chartered Institute of Credit Management on behalf of the Department of Business, Energy and Industrial Strategy (BEIS) is a code of commitment whereby signatories agree to pay 95% of their suppliers within a 60-day timeframe which upholds best practice with an objective to end the culture of late payment in the UK.
9 of the 11 names disclosed (see list below) have since engaged with CICM in order to put in place a strategy to achieve full compliance. 14 firms have been reinstated to the Code since its last announcement in November 2019.
Philip King FCICM, Chief Executive of CICM says that these reinstatements are proof that the Code is effective. “All 14 businesses have demonstrated a substantial improvement in payment performance that warrants reinstatement to the Code. Since the policy was changed in 2019 to begin naming those who had failed to honour their code of commitments, 55 businesses have been suspended and 26 reinstated.”
The Prompt Payment Code was put into place in 2008 to support and protect smaller businesses who may be treated unfairly by larger partners. There is a growing number of businesses signing up to the code which demonstrates a commitment to improving payment standards. For more information on current signatories or to sign up, click here
Businesses suspended in January 2020 and no action plan received within CICM’s deadline
Bottomline Technologies Limited
Shell U.K. Limited
Businesses suspended in January 2020 and action plan to meet compliance submitted to CICM
BAE Systems (Military Air) Overseas Limited
BAE Systems (Operations) Limited
Cereform Limited
F M Conway Limited
Leonardo MW Limited
Macdonald Humfrey (Automation) Limited
Rhodar Limited
Sita Information Networking Computing UK Limited
Smiths Detection
Businesses reinstated to the Code since November 2019
British Sugar Plc
Balfour Beatty Group Limited
Engie Services Limited
Ferrovial Agroman (UK) Limited
Fujitsu Services Limited
John Sisk & Son Limited
Kier Construction Limited
Kier Infrastructure and Overseas Limited
Galliford Try Plc
Laing O’Rourke
Persimmon Homes Limited
Smith & Nephew UK Limited
T.J Smith & Nephew Limited
Vodafone Limited
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