BusinessBusiness RecoveryLeague table shames Britain’s late payers

League table shames Britain's late payers

United Utilities worst offender as suppliers risk going bust

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

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

4d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

4d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor