PRESS RELEASE: Only 5% Of Companies Receive ‘Fast Payer Award’
- Only 5% of the 5,158 UK’s largest companies that report payment terms have qualified for the 2022 award from Good Business Pays.
- The award recognises big businesses that pay at least 95 per cent of their invoices on time and within 27 days or less, over the last 12 months.
- Since 2019, almost a quarter of the UK’s largest companies have stopped reporting their statutory duty to report on the payment terms
29th November 2022, London: Good Business Pays has revealed the 270 companies to be awarded its 2022 ‘Fast Payer Award’, which recognises those who have demonstrated the best payment performance to their suppliers over the past year. The winners cover almost all industry sectors and regions of the UK.
Previous data from Good Business Pays showed that FTSE 350 companies are taking on average 37 days to pay their suppliers – with well-known companies such as Diageo, Coca Cola and Rolls Royce are amongst the slowest to settle invoices.
The Federation of Small Businesses estimates 400,000 will go under this year because of late-paying clients. The Good Business Pays campaign is calling on business leaders to speed up their payment practices and re-evaluate their standard terms to ensure their smaller suppliers are being paid when they need it the most.
Terry Corby, CEO of Good Business Pays CIC commented: “I am delighted to be awarding 270 companies with Fast Payer Awards this year, more than double the number we awarded last year. The Fast Payer award recognises the big businesses that are supporting their small suppliers, by making responsible payment practices a business priority.”
Good Business Pays publishes the payment performance of big companies to ensure transparency and accountability around how companies treat their suppliers. At a time when we are seeing a big reduction in the number of companies reporting of their payment terms, it’s heartening to see there are still good businesses like those in our Fast-Payer list. These companies are paying their bills fast and on time. They are key to helping ensure the health of our small business economy.
Caroline Rainbird, CEO, Financial Services Compensation Scheme (FSCS) commented: “I am really pleased that FSCS has received a Fast Payer Accreditation Award from Good Business Pays. We are committed to paying our suppliers promptly, which is particularly important in the current economic climate. Having a stable cash flow is vital for all businesses, with small businesses and freelancers benefiting most from their customers paying on time. We are proud to be joining the list of fast-paying organisations.”
Keith Underwood, Chief Financial and Operating Officer, Guardian Media Group commented: “Guardian Media Group is pleased to be included in Good Business Pays, Fast Payer Awards. In keeping with our values, we work hard to develop and maintain a strong set of relationships across our supply chain, and – as part of these efforts – we recognise the importance of prompt payment to our valued partners.”
Peter McIntyre, Head of Business Banking, HSBC UK commented: “At HSBC UK we understand the detrimental effect late payments can have on small businesses and their supply chains. As a bank that is passionate about supporting UK companies to grow, it’s crucial that our suppliers are paid promptly so they can invest back into their businesses. We are proud to be recognised by Good Business Pays and will continue to ensure suppliers are paid as quickly as possible.”
Beth Hart, VP of Supply Chain and Brand Trust, McDonald’s UK& Ireland commented: “We are very proud to be recognised again for our payment terms by Good Business Pays. At McDonald’s, we pride ourselves on paying our suppliers, regardless of their size, in a prompt manner. Small businesses in particular rely on quick payment to protect their cash flow, which in turn helps them to survive and grow. This is even more important now as many businesses attempt to navigate their way through the challenging economic conditions that we all face.”
Norma Gillespie, CEO, Resource Solutions commented: “I’m delighted that Resource Solutions has been recognised with Fast Payer Accreditation by Good Business Pays. Recruitment is our business, and we know very well the patchwork of professionals it takes to keep a company running well – consultants, freelancers and external service providers – they all play a vital role is keeping the economic wheels turning. Acknowledging their critical contribution with fair and fast payment terms should be a basic principle of doing good business.”
Backed by the Federation of Small Businesses, the CBI, manufacturers group Make UK, the BCC, IoD and the Creative Industries Federation, the Good Business Pays movement was launched in May 2021 to encourage the UK’s largest companies to speed up payments to small suppliers, helping them bounce back and inject vital capital into the economy.
To see the full list of Fast Paying companies, visit Fast Payer Awards 2022 – Good Business Pays
To find out more about Good Business Pays or support for the campaign, visit goodbusinesspays.com.
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For media enquiries, please contact:
Terry Corby at Good Business Pays CIC
email@example.com or 07446 173137
About Good Business Pays
The Good Business Pays Community Interest Company launched their campaign on the 14th May 2021 to encourage the UK’s largest companies to fast track payments to small suppliers, helping them bounce back from the COVID-19 pandemic and injecting vital capital into the economy.
Small businesses are a growth engine for the UK economy, employing 61% of the private sector workforce (16.8 million) and generating 52% of turnover. Yet 50,000 go out of business each year due to cash flow problems.
The Good Business Pays campaign launched with support from the country’s leading business groups including the Federation of Small Businesses CBI, Make UK, BCC, IoD and the Creative Industries Federation. Between them, these groups represent hundreds of thousands of UK businesses.
For more information, visit goodbusinesspays.com.