Flexseal Demonstrates Commitment To Good Payment Practices

Flexseal has recently become an approved signatory to the Prompt Payment Code, joining a wide-reaching list of organisations that includes industry leaders Astra Zeneca, Rolls Royce and Vodafone, Government Departments such as Revenue & Customs and the Office of National Statistics, and household names The Bank of England, BUPA, The Guardian and John Lewis. Over 1750 organisations have signed up to this government backed initiative that was originally devised by the Department for Business Innovation & Skills to set standards for payment practices. The scheme is administered by the Chartered Institute of Credit Management (CICM), who vet all applications to it, confirming that each applying company acts within the standards of the Code by discussing their payment practices with no less than five supplier referees. Continued involvement of the Scheme is dependent on continued good feedback from the referees who are contacted every 6 months by CICM. Signatories to the code undertake to pay suppliers on time, be clear in their communication to suppliers on payment issues and to encourage good practice. Where necessary, the Code Compliance Board will step in to investigate payment issues involving signatories to the Code. “As market leaders, we are committed to best practice throughout our organisation,” explained Andrew Williams, Flexseal’s Financial Director. “Being part of the Prompt Payment Code is a great way to demonstrate that to our current and potential suppliers. “I’m also pleased to see that lots of leading companies within the Constructions industry, such as FP McCann, Wolseley, SIG Plc and Balfour Beatty, have also signed up to this initiative. Together we can demonstrate how professional our industry can be,” he added. For more information about the Prompt Payment Code, please click here.