All Build UK contractors miss 30-day payment target again.

4th February 2018.

Build UK is the leading representative organisation for the UK construction industry.

By bringing together Clients, Main Contractors, Trade Associations representing over 11,500 Specialist Contractors and other organisations committed to industry collaboration, Build UK represents in excess of 40% of UK construction.

In its latest pay performance leagues, no Build UK major contractor members are reported as paying their bills within 30 days.

The report does however show a slight improvement among all members.

The average time taken to pay bills fell from 45 days to 43 days from 45 when the first round of statistics were published.

While no “contractors” paid in 30 days, Four UK Build “clients” – British Land (14) , Landsec (19) , Heathrow (21) and Berkeley Homes(28)– top the payment table all settling bills before an average of 30 days.

Willmott Dixon is the quickest-paying contractor on 32 days.

For a full interactive list of payments speeds showing average payment times and percentage of invoices not paid within agreed terms,  click here

Build UK chairman and Mace – who averaged  34 days – Deputy Chief Operating Officer Mark Castle said “there is still a lot of work to be done.”

Castle said: “These improvements demonstrate the importance of increased transparency on the issue of payment.

“Build UK has held a mirror up to its members who have responded by taking significant steps to review and address performance within their organisations.

“There is still a lot of work to be done – for example, encouraging further transparency around disputed payments – but these results are a clear move in the right direction and show that the industry is serious about tackling this long-standing issue.”

Building contractor goes under

In other news from the construction industry, Building contractor McGill & Co has appointed administrators. KPMG said 55 workers will be retained to assist them, with the remaining 374 being made redundant immediately.

How CPA can help

If you are owed money in the construction industry, talk to CPA.

The Credit Protection Association has been serving small businesses for over 100 years.  CPA have collected billions on late paid invoices for our members across all sectors including the construction industry,

At the Credit Protection Association,we provide a suite of credit management services to help you avoid and deal with late payers.

We provide first class credit information that can help you avoid being over extended to customers who are at risk.

We regularly publish lists of the latest insolvencies but by then it is too late.  Our credit reports predict approximately 96% of insolvencies long before they arrive.

Our debt recovery services also chase down late payers, resolving over 80% of debts referred, recovering  money that our members can then put to work within their own businesses.

Our members have used this boost to their cash flow to fund investment in new projects, additional materials, new staff, extra equipment or new technology.

At the same time, our credit checks and credit reports are utilised by our members to investigate all suppliers and customers. It is important to keep an eye on your key business partners – Suppliers and Customers – to ensure their are on a firm financial footing.

Our reports help avoid bad payers or being over extended to a customer beyond their means.

We come across business owners who have been burnt before working or providing goods on credit because the hassles were not worth it.

Our services have helped them go  back in to trading on credit with confidence

Our debt recovery and credit management services give our members the financial freedom needed to grow and prosper.

And our new Late Payment Compensation department could unlock hidden potential in your accounting records and uncover the hidden compensation you are owed by past customers that could be used to give your business the cash flow injection it needs.

Give us a call to find out how we can help.

James Salmon, Operations Director, 4th February 2019

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