September 27 2021
Jet engine manufacturer Rolls Royce, package holiday company Tui and global drinks giant Diageo are among the worst companies for paying suppliers promptly according to new research.
Campaign group Good Business Pays analysed the payment practices of companies in the FTSE 100 and FTSE 250 indices and has published a report naming and shaming the worst ten slowes payers.
The worst performing company for paying suppliers was aerospace supplier Meggitt, taking on average 132 days to pay and failing to pay 85% of invoices within agreed contract terms. Bulmers and Magners maker C&C group was in second place at 120 days and travel operator TUI at 101 days. Guinness brewer Diageo was in fifth place, taking 84 days on average, with Mr Kipling cake group Premier Foods and Rolls Royce both taking 76 days.
Samantha White, CEO of My Credit Controllers said
" Around 50,000 businesses go bust each year due to cash flow problems caused by late paying clients, according to the Federation of Small Businesses (FSB). This report highights how important it is to stay on top of customers and to proactively chase for payment, rather than relying on them being good corporate citizens. "
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