Good Business Pays unveils its Spring 2025 Late & Slow Payment Watchlist
New research from Good Business Pays reveals a concerning increase in slow payments among UK businesses, with the number of companies delaying payments beyond 100 days reaching an all-time high.
The Spring Watchlist, which examined over 6,000 companies’ payment performance, is the first independent research from Good Business Pays since the introduction of the Fair Payment Code in September 2024.
Several major companies have been identified as among the worst for slow and late payments:
- BG International, a supplier of oil and natural gas products to UK households, takes an average of 153 days (five months) to pay suppliers, with 75% of invoices paid late
- T&P Media, a leading advertising agency with clients such as Toyota and easyJet, takes an average of 146 days, with 34% of invoices paid late
- Designerwear brand Prada UK reports an average payment time of 135 days (four and a half months)
- Reckitt Benckiser UK, a major healthcare and consumer goods company manufacturing brands such as Nurofen and Dettol, takes 122 days to settle invoices (around four months)
- AB InBev UK, makers of brands such as Budweiser, Stella Artois and Corona Extra, takes 121 days to pay their suppliers
Other key findings from the latest Late & Slow Payment Watchlist include:
- Of the 6,000 companies included in the research, there are 67 businesses on the most recent Serial Late Payer list (where companies have consistently reported paying invoices late every year since reporting started in 2018), compared to 109 in August 2023
- There remains a high number of companies (122) reporting paying 70% or more of their invoices late
- The number of companies taking 100 days or more to pay has increased to 32 this year
The research follows The Insolvency Service’s 2024 report, which recorded 23,872 company insolvencies, including 18,840 creditors’ voluntary liquidations (CVLs), 3,230 compulsory liquidations, 1,597 administrations, 202 company voluntary arrangements (CVAs), and three receivership appointments. It also comes in the wake of the Fair Payment Code, introduced by the government in September 2024 to promote prompt business payments across the UK.
Terry Corby, CEO of Good Business Pays, commented: “These findings are not just concerning – they are alarming. With insolvencies at record levels and small businesses already struggling under economic pressures, delayed payments add unnecessary risk to their survival. The continued rise in slow payers highlights a systemic failure in corporate accountability. Large companies must do better – not just for their suppliers, but for the health of the entire UK economy. We need to now see the government delivering on its promised reforms to tackle late payments”
Tina McKenzie, Policy Chair of the Federation of Small Businesses, said: “Patience has worn thin with serial late payers and it’s time for them to get their acts together, treat small businesses fairly and pay them on time. The Government must now deliver its promised reforms, especially giving audit committees oversight of that company’s payment practices.”
Liz Barclay, UK Small Business Commissioner, added: “Firms offering to pay in four or five months for work you are delivering today are either facing financial difficulties and using you as a bank, or don’t understand the negative impact, not only on their suppliers, but potentially ultimately on themselves if suppliers go bust. Paying suppliers quickly builds sustainable and resilient smaller businesses that can invest, improve products, services and skills, increase productivity and grow.”
The Late & Slow Payment Watchlist is published every six months and highlights companies with the poorest payment performance. As mandated by the Government’s Payment Practices & Performance Regulations, large companies and Limited Liability Partnerships (LLP) are required to publish six-monthly updates on their payment terms and conditions. The latest report covers data from companies that reported payment performance between June 1, 2024, and January 1, 2025.
Backed by the Federation of Small Businesses, British Chambers of Commerce, CBI, Intuit Quickbooks, Mastercard and manufacturers group Make UK, the Good Business Pays movement was launched in May 2021 to encourage the UK’s largest companies to speed up payments to small suppliers, helping them bounce back and inject vital capital into the economy.
CLICK HERE access the full Late and Slow Payment Watchlist Spring 2025.