Over 1700 companies have signed up to the Prompt Payment Code, and Flexseal has become one of the latest to join them.
The Prompt Payment Code was devised by the Department for Business Innovation & Skills to set standards for payment practices. Becoming an approved signatory of the Code follows a vetting process by the Chartered Institute of Credit Management, who gather references from five suppliers of the applying business.
The CICM administer the scheme, including contacting each signatory’s referees every 6 months, following acceptance to ensure the businesses continued support of the code’s principles.
Andrew Williams, Flexseal financial director, said: “We wanted to commit to the code as soon as we became aware of it.
“As market-leaders, we conduct our operations in a professional manner with all of the organisations with whom we do business, whether they are customers or suppliers.”
The Code covers prompt payment, as well as wider payment issues such as establishing systems for dealing with disputes.
Williams added: “Our commitment to the code helps to demonstrate the standards to which we hold our company.
“It’s also encouraging to see backing of this initiative by some of the real leaders within the Construction sector, such as FP McCann, Wolseley, SIG Plc and Balfour Beatty.”