Galliford Try, Alun Griffiths, Severfield and Ferrovial Agroman are among 18 companies that have today been suspended from the Prompt Payment Code for failing to pay suppliers on time.
The four construction companies are among those that have failed to honour their Code commitment to pay 95% of all supplier invoices within 60 days. The Code is administered by the Chartered Institute of Credit Management (CICM) on behalf of the Department for Business, Energy & Industrial Strategy (BEIS). Signatories pledge to uphold its best practice for payment standards to end the culture of late payment.
Galliford Try, Alun Griffiths, Severfield and Ferrovial Agroman join a list of shame that already includes Balfour Beatty, Costain, Interserve, Persimmon and Laing O’Rourke, who were suspended in April.
The full list of companies suspended or removed from the Code today is:
Businesses suspended from the Code are invited to produce an action plan that leads to a substantial improvement in payment performance and are reinstated to the Code as soon as they demonstrate compliance.
SOURCE: The Construction Index 17th July 2019.