Companies reinstated to Prompt Payment Code
Five companies have been reinstated into the Prompt Payment Code (PPC) after proactively engaging with the code and improving their payment practices to their supply chain.
The PPC, administered by BEIS, previously suspended the companies for paying between 18 per cent and 59 per cent of their invoices within 60 days.
The reinstated companies now pay between 90 per cent and 98 per cent of their invoices within 60 days.
The 5 companies reinstated are:
- BT PLC
- Kier Highways
- Seddon Construction
Speaking to ECAtoday, Interim Small Business Commissioner, Philip King said: “The introduction of Payment Practices Reporting as a measure of compliance against the Prompt Payment Code requirements resulted in a number of construction business signatories being suspended from the Code.
“Many of these have now been reinstated having implemented action plans to improve their payment performance. The progress they have made in changing their payment culture has been impressive and, in several cases, transformational.
“A number of additional construction businesses have recently signed up to the Code and their willingness to show leadership is encouraging. The challenge facing all businesses now is to ensure that the high standards achieved are maintained as we emerge from the pandemic crisis when collaboration and good practice are going to be more important than ever.”