Prompt Payment Code
We have signed up to the Government's Prompt Payment Code.
There are currently 2,870 other companies that have signed up to the Code. This reaffirms our commitment to operating fair and transparent payment processes, in keeping with our position as a leading UK company.
Under the Code we have undertaken to do the following:
1. Pay Suppliers on Time
- by paying 95% of invoices within the agreed payment terms and without attempting to change terms retrospectively
- by paying 95% of all invoices within 60 days, and 95% of invoices from businesses with fewer than 50 employees within 30 days
- by acknowledging their right to use late payment legislation to invoice for late payment interest and charges when appropriate
2. Give Clear Guidance to Suppliers
- by providing suppliers with clear and easily accessible guidance on payment procedures and invoicing requirements at on-boarding stage and on an ongoing basis
- by ensuring there is a system for dealing with complaints and disputes which is clearly communicated, and providing a contact-point (or online portal) for them to ascertain the status of invoices being processed
- by advising them immediately if there is any reason why an invoice will not be paid to the agreed terms
3. Encourage Good Practice
- by requesting that lead suppliers encourage adoption of the Code throughout their own supply chains
- by using the PPC logo to demonstrate commitment to the Code principles and enhance supplier confidence
- by avoiding any practices that adversely affect the supply chain
More details about the Code can be found at: https://www.smallbusinesscommissioner.gov.uk/ppc/
Our compliance with the Code will be monitored by the Government. To ensure that we comply with the principles above we will be assessed on a twice yearly basis.