Seventeen companies – many of them household names – have been suspended or removed from the Prompt Payment Code for failing to pay their suppliers on time.
The announcement was made by the Chartered Institute of Credit Management (CICM), the body that administers the Prompt Payment Code (PPC ) on behalf of the government. Thousands of companies that have signed up to the code have pledged to uphold its best practice for payment standards. This includes a commitment to pay 95% of all supplier invoices within 60 days.
Based on the new Payment Practices Reporting data that large businesses must publicly report, the CICM has identified 17 businesses to be removed or suspended, with more removals and suspensions expected in a second phase of review.