18 more businesses have been suspended from the Prompt Payment Code for failing to pay suppliers on time, the Chartered Institute of Credit Management (CICM) has revealed
Screwfix, Galliford Try, and Severfield are also among those that have failed to honour their Prompt Payment Code commitment to pay 95% of all supplier invoices within 60 days. 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.
The full list of companies suspended or removed from the Prompt Payment Code includes:
17 suspended with action plan received (or committed):
Severfield (Design & Build) Ltd
Stantec UK Limited
Screwfix
Prudential
British American Tobacco (Holdings) Limited
Galliford Try PLC
Alun Griffiths
Ferrovial Agroman (UK) Limited
BAE Systems Global Combat Systems Limited
BAE Systems Applied Intelligence Limited
BAE Systems (Oman) Limited
Centrica
Maintenance Management Limited
Fujitsu Services Limited
De La Rue Holdings plc
Domino UK Ltd
BT plc
One suspended with no action plan yet received:
AB World Foods
Businesses suspended from the Prompt Payment Code are invited to produce an action plan that leads to a substantial improvement in payment performance and are reinstated to the Code as soon as they demonstrate compliance.
CICM’s chief executive Philip 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 that of the 18 who have been suspended or removed today, all but one has already submitted action plans to achieve future compliance, and we are working closely with those businesses to support a better payment culture.”
Small Business Commissioner Paul Uppal, commented: “Large companies who are not currently meeting the Code Standards need to note their unethical payment practices will not be tolerated. The suspension of those who are failing to meet their obligations demonstrates Government is committed to ensure small businesses are treated fairly.”
The Cabinet Office Minister for Implementation, Oliver Dowden added: “Paying invoices promptly is vital, particular for smaller businesses, who are the backbone of the UK economy. So I hope that the companies who have been suspended from the code will now get their act together and work hard to improve their performance.
“From September 1 2019, any supplier who bids for a government contract above £5m per annum will be expected to answer questions about their payment practices and performance. If they are unable to demonstrate that they are paying 95% of invoices within 60 days, they may be excluded from the process. “
Atos IT Services UK Limited, which was included in a list of businesses removed from the code earlier this year, has since been re-instated having satisfied the PPC Compliance Board that it is now meeting the standards and commitments of the Prompt Payment Code.
