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Late payers shamed in new league table
Late payers have been named and shamed in the first league table detailing the length of time it takes the UK’s biggest companies to pay their suppliers.
The tables, which were compiled by the Credit Management Research Centre (CMRC), will be released by The Institute of Credit Management (ICM) at its annual conference on Thursday.
The ICM said that the issue of late payments – and suppliers going bust as a result – would become critical as the economic slowdown continued.
Phillip King, director of ICM, 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.”
Nick Wilson, director at CMRC, said he hoped the figures would provide businesses with a reliable guide.
“We took our figures from annual company accounts, the ones that are publicly available. Our research shows payment times are definitely lengthening overall as adverse economic conditions and the credit squeeze starts to take its toll,” he told the Financial Times.
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