Fast Payer Awards 2022

Welcome to the Fast Payer Award Winners 2022

 

So here they are! This year, Good Business Pays is happy to say we have accredited nearly 300 companies with our Fast Payer Award

2022 has been a very challenging year, with worse to come. At the beginning of November, the Bank of England warned the UK risks being plunged into the longest recession in 100 years which is expected to last until middle of 2024.

The latest small business economic report from Xero is showing late payments are at their worst since August 2020. The Federation of Small Businesses forecasts 400,000 small businesses will fail this year alone due to cashflow problems.

The response of many large businesses is cash conservation – or withholding cash they owe to suppliers and small businesses.

Not so the companies listed here. 

The 2022 Fast-Payers respect their suppliers, paying them fast and on time. They realise the value of true supplier partnerships and the integrity of the supply chain.

Last year, we identified the characteristics shared by Fast-Paying companies and found that they had strong values that were translated into concrete behaviours that brought their values to life.

So please look at these Fast-Paying companies and read what their leaders say about how important the supplier relationship is to them. 

Thank you to all our winning companies. You will find companies from all sectors and parts of the UK here, showing no matter what market you are in, there are good businesses everywhere with strong values and a brilliant payment culture. These are the good businesses that are keeping our small business economy thriving and growing.

Terry Corby, Founding CEO, Good Business Pays CIC

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We are delighted to recognise the following companies as current recipients of the Fast Payer Awards for 2022.

We define a Fast Payer as a business that pays suppliers in less than 30 days (on average) AND who also pay over 95% of their invoices on time, over a rolling 12 month period.

Source: Download of data on 10th October 2022 from the UK Government portal.

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Fast Payer Award 2022 badge

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“Small and mid-sized businesses shouldn’t be at the mercy of large organisations withholding payment. Companies have an obligation to pay for the goods and services delivered within the agreed settlement terms.

“As a payment software provider, making payments simple, smart and secure is part of our DNA. Better cash management comes with making and receiving payments on time, every time. There’s no excuse.”

Paul Dharwar, UK Finance Director, Bottomline

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“Prompt payment of suppliers goes to the heart of partnership that is the Cadence way. It’s one way of showing that we care.

“And by taking away any financial stress, we get to focus all of our combined energy on great discovery and delivery for our clients.”

Gary Ashby, Partner, Cadence Innova

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“We are very pleased to receive a Fast Payer Accreditation Award. Every month we work with hundreds of suppliers and partners in Northern Ireland who provide key goods and services that directly or indirectly help us to deliver for our customers and society.

These businesses range from sole traders right through to large companies and we know many are experiencing pressures on their cash flow in these difficult times.

We take pride in the fact that we do our utmost to ensure these businesses receive payment as quickly as possible.”

Stephen Matchett, Deputy CEO and Chief Financial Officer at Danske Bank UK 

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“I am really pleased that FSCS has received a Fast Payer Accreditation Award from Good Business Pays. We are committed to paying our suppliers promptly, which is particularly important in the current economic climate.

“Having a stable cash flow is vital for all businesses, with small businesses and freelancers benefiting most from their customers paying on time. We are proud to be joining the list of fast paying organisations.”

Caroline Rainbird, CEO, Financial Services Compensation Scheme (FSCS)

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“GFM Education Ltd is delighted to receive this award and we support the purpose of the messaging that it is right and proper that businesses protect each other in settling invoices as soon as is feasible. It not only engenders confidence in each other, it is a systemic way of helping each other with cash flow challenges”

Ian Potter, Chief Executive Officer, GFM Education

“Guardian Media Group is pleased to be included in Good Business Pays, Fast Payer Awards. In keeping with our values, we work hard to develop and maintain a strong set of relationships across our supply chain, and – as part of these efforts – we recognise the importance of prompt payment to our valued partners.”

Keith Underwood, Chief financial and operating officer, Guardian Media Group

“It’s fantastic to see Groupon being recognised as leading the charge on swift payments to small business partners. Strong partnerships with great local businesses are at the very heart of Groupon. These partnerships allow us to bring the best experiences and value to our customers. Our partners being able to trust that payments will be made on time is a key element of building long-term successful relationships and in turn supporting local businesses that are vital to thriving local communities.”

Jean-Francois Bessiron, VP, Groupon International

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Peter McIntyre

“At HSBC UK we understand the detrimental effect late payments can have on small businesses and their supply chains. As a bank that is passionate about supporting UK companies to grow, it’s crucial that our suppliers are paid promptly so they can invest back into their businesses. We are proud to be recognised by Good Business Pays and will continue to ensure suppliers are paid as quickly as possible.”

Peter McIntyre, Head of Business Banking, HSBC UK

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“Our purpose at Lloyds Banking Group is to Help Britain Prosper.  A key element of this is ensuring that we pay suppliers within agreed terms, recognising that a strong payment culture greatly supports the supply chain that depends on us and the thousands of UK businesses that this comprises. As a signatory to the Prompt Payment Code, we want to comply with its principles by paying suppliers within agreed terms and ensure they are provided with appropriate guidance on our payment procedures. We are delighted that our efforts in this key area have been recognised with the Fast Payer awards for 2022.”

William Chalmers, Chief Financial Officer, Lloyds Banking Group

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“We are very proud to be recognised again for our payment terms by Good Business Pays. At McDonald’s, we pride ourselves on paying our suppliers, regardless of their size, in a prompt manner. Small businesses in particular rely on quick payment to protect their cashflow, which in turn helps them to survive and grow. This is even more important now as many businesses attempt to navigate their way through the challenging economic conditions that we all face.”

Beth Hart, VP of Supply Chain and Brand Trust, McDonald’s UK&I

Derek Skelton

“As leaders in the Recruitment Industry, we at Meridian believe it is important for us to set the standard in ethical payment practices. As a large, multi-sector agency, we work with clients and suppliers ranging from small start-ups to global enterprises and strive to ensure that we meet the high standards we set ourselves. We are delighted to receive this recognition, which confirms that we are on the right path.”

Derek Skelton, CEO, Meridian Business Support

“As an organisation with a 50+ year heritage, we understand the importance of fostering good business relationships. In addition to making good business sense, paying suppliers promptly in line with contractual terms, ensures we are respectful of and support the micro-businesses, consultants, suppliers, and contractors who contribute much to our organisation and the UK economy. I would like to express my gratitude to the Morson finance teams for their hard work, attention to detail, care and dedication to maintaining efficient processes for the payment of our suppliers.”

Paul Gilmour, Group Financial Director, Morson Group

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Andy Gorst

“As a recipient of the Good Business Pays Accreditation Award, we believe paying suppliers promptly to agreed terms is imperative when building strong business relationships. It also supports the survival and growth of small businesses which play a huge part in the UK economy. Good cashflow management is of significance for all organisations but it can be critical for many small businesses, micro entities and sole traders. We are pleased to be recognised as a leader in this area and will continue to set the right example.”

Andy Gorst, Head of Finance, NHBC

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“Our key priority is to deliver the best service experience that we can. One of the ways we do this is our keen focus on paying our farmer members and other suppliers on time and fast.

“We really appreciate the significant difference that cash flow can mean to making a business successful.”

David Anderson, Chief Financial Officer, Openfield

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“I’m delighted that Resource Solutions has been recognised with Fast Payer Accreditation by Good Business Pays.

“Recruitment is our business, and we know very well the patchwork of professionals it takes to keep a company running well – consultants, freelancers and external service providers – they all play a vital role is keeping the economic wheels turning.

“Acknowledging their critical contribution with fair and fast payment terms should be a basic principle of doing good business.”

Norma Gillespie, CEO, Resource Solutions

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Lawrence Simpson

“We take our responsibility as a member of the business community very seriously and, as such, we work in close partnership with our suppliers and value the long-term relationships we forge. As part of this, we treat our suppliers with respect and that includes paying them promptly. At times like these, we are especially aware of how important a strong cashflow is in a challenging economic environment.”

Lawrence Simpson, Group Financial Controller, SEGRO

Darren Ellis

“Standard Chartered is proud to receive the Fast Payer Accreditation Award by Good Business Pays. We are committed to engaging with our suppliers and partners to the highest standard, and we strongly believe in treating them fairly – this is underpinned by our brand promise, here for good. These partnerships go a long way in helping us support our clients and the communities we operate in, particularly with our focus on SMEs and diversity and inclusion.”

Darren Ellis, CFO UK & Europe, Standard Chartered

“We are delighted to have been awarded the ‘Fast Payer Award’. We rely on external suppliers for much of the support we provide our artists and we know the importance of making payments quickly and efficiently to ensure that small businesses can continue to thrive. This is testament to the brilliant team here at Sony Music and I’m proud they have been recognised for their efforts in responsible business payment practice.”

Christopher Crellin (SVP & CFO, Sony Music UK & Ireland)

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“Thank you for this award. I have shared this with our Founder and Executive Chairman, Sir Mike Gooley. At Sir Mike’s instruction, we have always paid our partners in a timely manner, as the proper and fair way to behave. Our mission statement instructs us to exceed the expectations of our suppliers – an important part of which is payment.”

Toby Kelly, CEO, Trailfinders

“Tramlink are delighted to be given a ‘Fast Payer Award’ by Good Business Pays CIC to recognise our best-practice in how we work with suppliers.

Not only is the tram helping to keep #Nottingham moving, it also plays a vital role in supporting the local economy and we are determined to be a good partner to our many suppliers and small businesses, treating them fairly and paying them promptly.”

Tim Hesketh, CEO, Tramlink Nottingham Limited

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Ian Fielder​

“At Vanquis and the Provident Financial Group (PFG) we view our supply chain as an extension of our own organisation. We always seek a fair outcome in all of our supplier interactions chief amongst which are making sure that we pay the businesses which depend on us in an efficient and speedy manner. This trust and partnership approach ensures our suppliers support us whenever we need it as we work together to ensure first class service to our customers.”

Ian Fielder​, Chief Operations Officer, Vanquis

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It’s great to be part of the 5% who qualify for the Fast Payer Accreditation and our team at Water Plus are very pleased to be recognised with this award. We want strong relationships with the organisations we partner with and understand the importance of timely cash flows for all suppliers, particularly smaller businesses who may not have access to affordable, extended financing arrangements. Paying suppliers on time is something we’re committed to. It’s part of our approach to be the number one water retailer of choice for customers, suppliers, and our people.”

Lewis Gross, Chief Financial Officer, Water Plus

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