Infrastructure services company, F M Conway has been suspended from the Prompt Payment Code for failing to pay its suppliers on time, the Chartered Institute of Credit Management (CICM) has revealed
Those within the AEC industry, who have failed to honour their commitment to pay 95% of all supplier invoices within 60 days, include F M Conway and asbestos and demolition specialists, Rhodar Limited.
The Prompt Payment Code is administered by the CICM, who are independent from government, 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.
In total 11 firms were suspended from the Prompt Payment Code.
In addition to the new businesses named, a further 14 businesses have been re-instated to the Prompt Payment Code since the last announcement in November 2019.
Those re-instated in the AEC industry include:
- Balfour Beatty Group Limited
- Engie Services Limited
- Ferrovial Agroman (UK) Limited
- John Sisk & Son Limited
- Kier Construction Limited
- Kier Infrastructure and Overseas Limited
- Galliford Try Plc
- Laing O’Rourke
- Persimmon Homes Limited
A better payment culture
The CICM’s chief executive Philip King, said: “All 14 businesses have demonstrated a substantial improvement in payment performance that warrants re-instatement to the Code. Since the policy was changed in 2019 to begin naming those who had failed to honour their Code commitments, 55 businesses have been suspended and 26 re-instated, including the 14 announced today.
“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.”
Small Business Minister Kelly Tolhurst, added: “A growing number of businesses have signed up to the Code, a great sign that we are starting to change the culture of late payments.
“It’s encouraging to see businesses reinstated after improving their practices, but we’ll continue to clamp down on late payment to support small businesses that are exploited by their larger partners.”
