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Sat April 04 2020

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More slow payers thrown off Prompt Payment Code

13 Feb Highway maintenance contractor FM Conway and demolition specialist Rhodar are the latest construction firms to be suspended from the government’s Prompt Payment Code for failing to pay suppliers on time.

Signatories to the Prompt Payment Code are required to pay 95% of all supplier invoices within 60 days.

Nine construction firms that were previously suspended have been reinstated in the past couple of months, having demonstrated improvement.

These reinstated firms are: Balfour Beatty Group, Engie Services, Ferrovial Agroman (UK), John Sisk & Son, Kier Construction, Kier Infrastructure & Overseas, Galliford Try, Laing O’Rourke and Persimmon Homes.

However, construction firms still suspended include (as well as FM Conway and Rhodar now): Eurovia Infrastructure, Kier Integrated Services, Kier Highways, McNicholas Construction Services and Seddon Construction.

Philip King, the Chartered Institute of Credit Management (CICM) chief executive who chairs the Prompt Payment Code’s compliance board 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 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.”

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