Factoring | Invoice Discounting

Late-Paying PLCs Named and Shamed

Date Added: Wed March 12 2008

For the first time, The Institute of Credit Management has published these shocking new statistics, highlighting the worst offenders.

United Utilities heads up the league table of the worst payers, with an average of 99 days to settle its bills. Electra Private Equity, on the other hand, lives up to its name with a payment period of just one day! Interestingly, the average payment period across all FTSE 250 listed companies is 34 days, while for all PLCs it is 44 days.

Phil McCabe, spokesperson for the Forum of Private Business, said: "Whereas for bigger businesses, late payment is a slight dent in their cashflow, for smaller businesses it can mean everything and be the difference between folding and staying alive. It's absolutely crucial that they get paid on time for the work that they do."

"Late payment has to be looked into as a matter of priority. The government needs to make sure it's fighting the corner of small businesses and taking to task those bigger businesses that aren't sticking to what they should be sticking to."

Here is the list of the Top 25 worst payers:

1. United Utilities (gas, water multiutilities) 99 days

2. Aga Foodservice Group (household goods) 81

3. Carillion (construction materials) 80 .

4. Cable And Wireless (fixed line telecommunications) 79

5. Astrazeneca (pharmaceuticals biotechnology) 74

6. Hikma Pharmaceuticals (pharmaceuticals biotechnology) 74

7. Ashtead Group (support services) 72

8. Speedy Hire (support services) 72

9. Daily Mail And General Trust (media) 68

10. Aegis Group (media) 67

11. UK Coal (mining) 67

12. Morgan Crucible Company (electronic electrical equipment) 66

13. Croda International (chemicals) 65

14. Vedanta Resources (mining) 64

15. Bellway (household goods) 63

16. Bss Group (support services) 63

17. Euromoney Institutional Investor (media) 62

18. Sabmiller (beverages) 61

19. Expro International Group (oil equipment, services distribution) 60

20. Keller Group (construction materials) 59

21. Chemring Group (manufacture explosives) 59

22. Wolseley (wholesale hardware plumbing heating equipment supplies) 59

23. Rentokil (washing dry cleaning textile fur products) 58

24. Carpetright (floor coverings retailer) 58

25. Debenhams (clothing retailer) 57

Source: Institute of Credit Management, Credit Management Research Centre and CreditScorer Ltd

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