The Institute of Credit Management has revealed Britain’s worst payers in an attempt to shame those who take so long that they place some suppliers at risk of going bust.
United Utilities topped the list, taking an average 99 days to pay its bills, while the best is Electra Private Equity, which takes an average of just one day, said the Financial Times.
Philip King, ICM director-general, said: ‘Payment times are likely to lengthen in difficult times, as companies want to hold on to their cash to boost their profits or are struggling to pay. This will give suppliers an idea of who is prompt and who is not.’
United Utilities objected to the figures, saying its real average was 23 days and that the longer time ‘covers things such as audit and consultancy fees.’ Others on the list of shame from the 350 companies on the FTSE 100 and FTSE 350 included Aga Foodservice Group (81 days) and construction company Carillion (80 days). Some of the slowest payers among 11,000 plcs take more than a year to pay their bills.
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