Latest update on the Government’s prompt payment code.
Kier and Seddon are the latest firms to be removed from the Governments prompt payment code scheme, as they have failed to stick to the 60 day payment terms agreed for all supplier invoices.
The full list of companies remove are:
- Kier group firms – Kier Integrated Services; Kier Infrastucture and Overseas; Kier Construction; Kier Highways
- McNicholas Construction Services
- Eurovia Infrastructure
- Seddon Construction
The audit is carried out by the Chartered Institute of Credit Management, they carry out periodic audits to review everyone on the list. The purpose is to ensure that main contractors follow the payment terms as arranged. This audit can remove companies and well as reinstated bad payers for improving their performance since the last audit
The companies included back onto the list during this recent audit are:
- Tarmac-owned Alun Griffiths
- Costain
- Kellogg Brown & Root
- Interserve Construction
- Severfield (Design & Build)
- Stantec UK.
Small Business Minister Kelly Tolhurst said: “We want to make sure that the UK is the best place in the world to work and start a business.
“Tackling late payments will ensure we level the playing field for small businesses so they can grow and thrive. As a former small business owner, I know how damaging late payments can be on cashflow.”
If you are looking for help with your credit management including getting monies owed or just need abit if support on an ongoing basis. Get in touch for a chat today.
