League table shames Britain's late payers

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.

Further reading:

Financial
Times story

Institute of Credit Management