Laing O’Rourke reinstated to Prompt Payment Code
Technology investment and a “refinement in payment processes” has seen Laing O’Rourke reinstated to the Prompt Payment Code live list.
Administered by the Chartered Institute of Credit Management (CICM) on behalf of the Department for Business, Energy and Industrial Strategy (BEIS), signatories to the Code pledge to uphold its best practice for payment standards to end the culture of late payment and to pay 95% of all supplier invoices within 60 days.
Laing O’Rourke said it has now agreed a PPC action plan and will remain fully engaged with its suppliers and with the CICM.
John O’Connor, group commercial director at Laing O’Rourke, said: “Laing O’Rourke values its supply chain partners who are integral to our ability to deliver world-class projects for our clients. The UK business set out a clear action plan to address prompt payment, which was agreed with the Chartered Institute of Credit Management.
“We are pleased that those actions, which have included investment in technology and a refinement in payment processes have seen improvements in supplier payments, resulting in our reinstatement to the Prompt Payment Code live list.”
Philip King, chief executive at the Chartered Institute of Credit Management, added: “Laing O’Rourke has demonstrated that the actions implemented through their plan have resulted in improved payment performance, with an ongoing upward trend. We are delighted that this has led to their reinstatement on the Prompt Payment Code.”
Five Kier companies and Seddon Construction were among 20 firms suspended from the Prompt Payment Code earlier this month.