Prompt Payment Code
 

News

 
 

5 April 2016


A letter outlining the proposals, and the draft timetable, for planned changes to the Prompt Payment Code was issued in March 2015. Several of the changes have been implemented while others are dependent on the introduction of measures included in the Small Business, Enterprise and Employment Act 2015, and in the Enterprise Bill that is currently passing through Parliament. A further communication will be issued to signatories shortly setting out a revised timetable for the changes and, in the meantime, questions can be raised using the Contact Us link.




 
 

Taulia shows support for best practice in supplier payments with sponsorship of Prompt Payment Code


Press Release - 4 February 2016


Taulia, the supply chain finance and e-invoicing business, has signed an agreement to support the Chartered Institute of Credit Management (CICM) as a sponsor of the Government-backed Prompt Payment Code (PPC).

Sponsors of the Code help the CICM, which is a not for profit organisation, in hosting and maintaining the PPC website which is the critical front end for suppliers to validate which of their customers (or potential customers) have signed up to the PPC principles.

The Code, administered by the CICM on behalf of the Department for Business, Innovation and Skills, sets out principles for businesses to follow when dealing with and paying their suppliers. Around 1,800 businesses and public authorities have so far committed to these principles.

Philip King, Chief Executive of the CICM, said that Taulia is a natural sponsor: “E-invoicing and supply chain finance both have an important part to play in supporting prompt payment and better payment practice. We already have a good working relationship with Taulia in events and forums related to the fair treatment of suppliers, and I am delighted to see that relationship develop in direct support of the Code.”

Jon Keating European Managing Director at Taulia added: “We are focused on creating a ‘win win’ for all parties, and a key part of this is providing fair payment for suppliers, whilst also ensuring that larger buyers remain competitive. Sponsoring the UK’s Prompt Payment Code helps underpin this vision of a better trading relationship between buyers and suppliers, and one where both sides win.”

The PPC was recently strengthened to support tougher laws on the reporting of payment practices as part of the Small Business, Enterprise and Employment Bill. The new legislation will require the UK’s largest companies to provide information, including their standard payment terms and the proportion of invoices paid beyond them, and other Code signatories will also be asked to report on their payment performance.

The Prompt Payment Code Compliance Board, which includes representatives from trade bodies, will use this data to review the status of signatories to the Code and challenge those that either do not pay their suppliers promptly or adopt unfair payment practices.

The Board will also investigate challenges made against Code signatories by their suppliers and will have the power to remove those found to be in breach of it.




Timeline published to implement changes to strengthened Prompt Payment Code as new website goes live


Press Release - 25 March 2015


Signatories of the Prompt Payment Code (PPC) will today receive a letter announcing the formal launch of the new PPC website and confirming a series of changes to payment commitments that all signatories will now be obliged to follow.

The letter, signed by the Matthew Hancock, the Minister of State for Business and Enterprise and Minister of State for Energy and Philip King, Chief Executive of the Chartered Institute of Credit Management (CICM) also includes a timeline by when these changes need to be implemented.

The existing Prompt Payment Code principles will remain: to pay suppliers on time, give clear guidance to suppliers and encourage good practice. The Prompt Payment Code will now, however, promote 30-day payment terms as the norm and include a maximum 60-day payment term (defined as paying 95% of invoices within 60 days, unless there are exceptional circumstances).

Signatories will be asked to undertake to avoid any practices that are grossly unfair and adversely affect their suppliers, and to report annually (for small and medium sized signatories) on payment performance, on a comply or explain basis, and half-yearly (for large signatories) in line with the new statutory reporting requirement. A new Compliance Board has also been appointed with a monitoring and enforcement role and to impose sanctions for non-compliance including expelling signatories from the Code if required.

Philip King says that the CICM is pleased to be working with government in driving best payment practice: “Together, we can ensure that Prompt Payment Code membership really is a badge of honour, inspiring confidence and a strengthened relationship with suppliers, and – at a time of increased public scrutiny – enhancing an organisation’s reputation.”

Mr King says that the Code and the ‘challenge’ process have already been a success but that further support is welcome: “Signatories are being encouraged to comply with the strengthened code now, before the changes are enforced in 2016,” he added.

The PPC, which currently has more than 1,800 signatories, is administered by the Chartered Institute of Credit Management (CICM) for the Department for Business, Innovation and Skills (BIS). It was launched in 2008 and continues to receive cross-party support.

About
The Chartered Institute of Credit Management (CICM) is Europe's largest credit management organisation, and the second largest globally. The Institute was granted its Royal Charter on 1 January 2015. The trusted leader in expertise for all credit matters, it represents the profession across trade, consumer and export credit, and all credit-related services. Formed over 75 years ago, it is the only such organisation accredited by Ofqual and it offers a comprehensive range of services and bespoke solutions for the credit professional as well as services and advice for the wider business community, including the acclaimed CICM/BIS Managing Cashflow Guides (www.cicm.com)

Letter sent to signatories of the Prompt payment Code: (http://www.cicm.com/wp-content/uploads/2015/03/Joint-Minister-and-CICM-letter-to-signatories-24.03.15.pdf)




CICM welcomes Diageo’s clarification of supplier terms and commitment to SMEs


Press Release - 13 March 2015


The Chartered Institute of Credit Management (CICM) has welcomed the decision by Diageo, the global drinks company, to clarify its payment terms to suppliers and commit to a maximum 60-day payment terms for all SMEs in the UK.

The decision follows a series of meetings and discussions between Diageo and the CICM which administers the Prompt Payment Code (PPC) on behalf of the Department for Business, Innovation and Skills (BIS) and whose chief executive, Philip King, is the co-Chair of the newly formed PPC Advisory Board.

Diageo is one of more than 1,800 signatories to the Code, but was criticised for appearing to change payment terms to suppliers without consultation, and therefore not acting in the spirit of the code and at risk of breaking it. The CICM intervened to seek clarification after concerns were raised and Diageo’s status as a signatory was challenged.

Diageo has acknowledged that an original letter sent to suppliers caused confusion and has reaffirmed its commitment to its suppliers and its desire in particular to support SMEs.

David Cutter, President, Supply and Procurement for Diageo said:

“Diageo values its long term and collaborative relationships with its suppliers. We want to clarify that our standard supplier payment terms have not changed and no supplier would be required to move to longer payment terms in order to secure future business. We continue to take an open and flexible approach when reaching agreements with suppliers and tenders based on existing terms will continue to be accepted."

“We fully recognise the importance of SMEs to the UK economy and to the sustainability of our own business and therefore we will commit to a maximum 60 day term for all SMEs in the UK.”

In response to questions about Diageo’s supplier financing offering, Mr Cutter clarified:

“Our offer of supplier financing is not connected in any way to payment terms. Since launching the scheme in November 2012 it has been, and it will continue to be, available to suppliers on 60 day, or indeed fewer days. It has always been Diageo policy that suppliers can access supplier financing without moving to extended terms and that remains unchanged today.”

Mr King says that the drinks firm risked becoming the first major business to be de-listed from the Code: “The Prompt Payment Code has been strengthened recently to give it greater enforcement ‘teeth’ and this was its first major challenge,” he said.

“I am pleased that Diageo has sought to clarify its position and confirm its commitment to treating the supply chain fairly. It is a victory for Diageo, its suppliers, and all those including the CICM and BIS that seek to create better behaviour, culture and understanding of payment issues.”




Minister and CICM announce action to end poor payment practices

Big firms should pay small suppliers in 30 days. [BIS Press Release]


Press Release - 26 February 2015


Business Minister Matthew Hancock will today announce tough action to end poor payment practices.

In a speech to the EEF, the manufacturers’ organisation, Matthew Hancock will announce that the government-backed Prompt Payment Code will now promote 30 day terms as standard, with signatories committing to pay within a 60 day maximum limit. Unless these firms can prove exceptional circumstances, they will be removed from the Code.

The change will be rigorously enforced by the new Code Compliance Board, which will include individuals from business representative bodies who will investigate challenges made against signatories to the Code by their suppliers. The Compliance Board will remove signatories found to be in breach of the Code’s principles and standards.

The Prompt Payment Code sets out fair and agreed practices for businesses to follow when dealing with, and paying, their suppliers. More than 1,700 businesses and public authorities have so far committed to these principles, which include paying suppliers within an agreed timeframe and communicating with them effectively.

Business Minister Matthew Hancock said:

“Making small businesses wait an unreasonable time for payment is entirely unacceptable. I know first-hand the great burden that late payment can place on firms – and how it can strain family finances – which is why I am committed to stopping it.

“Big companies should lead by example and pay small suppliers within 30 days. I have already written to the FTSE 350 urging them to sign up to the Prompt Payment Code.

“Fairer payment practices will help small businesses grow and create jobs. This is a key part of our long-term economic plan to build a better Britain.”


The change follows a Downing Street summit, attended by the Federation of Small Businesses (FSB) and the Confederation of British Industry (CBI), and a meeting of the Prompt Payment Advisory Board, which was co-chaired by Matthew Hancock and Philip King, Chief Executive of the Chartered Institute of Credit Management (CICM).

Businesses will be actively encouraged to start complying with the strengthened Prompt Payment Code in the coming weeks and this will complement the tougher reporting laws in the Small Business, Enterprise and Employment Bill. These new laws will force the UK’s largest companies to publish their payment terms, increasing transparency and empowering small businesses. The Code Compliance Board will be able to use this data to review the status of signatories to the Code and challenge those that either do not pay their suppliers promptly or insist on excessively long standard terms. The Prompt Payment Code is administered on behalf of the Department for Business, Innovation and Skills (BIS) by the CICM.

Philip King, Chief Executive of the CICM, said:

“The Prompt Payment Code has had a significant impact in challenging payment practices and creating a debate and dialogue around the behaviour and culture of late payment that did not previously exist – a fact borne out in the recent joint CICM/BIS survey.

“I am delighted that we have now agreed to further strengthen the Code, giving it more structure and introducing a Compliance Board to build on the success of challenges to date.

“The 60-day maximum is also to be welcomed, and the decision of the Advisory Board is an indication of how far the debate and sentiment has moved since the Code was launched, leading to a recognition that ethical treatment of the supply chain should be an imperative.”


A joint CICM/BIS survey launched in December 2014 found that 72 per cent of signatory responses supported the introduction of a maximum payment target and 63 per cent of these thought that the term should be 60 days.

Introducing a maximum payment term to the Prompt Payment Code has been raised during Parliamentary debates of the Small Business, Enterprise and Employment Bill. Today’s announcement delivers on the Government’s commitment to Parliament to strengthen the Prompt Payment Code.

Notes to editors:

1. The Prompt Payment Code is a voluntary Code to drive a change in payment culture. It is administered by the CICM on behalf of BIS. For more information about the Code go to the Prompt Payment Code website.

2. In its response to its consultation Building a Late Payment Culture, the Government committed itself to strengthening the Code. It set up a new Advisory Board to consider:

   1. Website content and information

   2. Promoting awareness of the Code

   3. Monitoring of signatory behaviour

It was also asked to consider whether the Code’s principles remain fit for purpose, or whether they need to be changed

3. At its meeting on 10 February, the Advisory Board agreed to

a. enshrine a 30 day payment target as a norm, with a maximum 60 day target for most payments (95% of payments) or if there are exceptional circumstances;

b. require all Code signatories to report on their payment practices, in line with the new mandatory reporting requirement being introduced by the Government. Whilst this is mandatory for large businesses, smaller businesses will be required to report on a comply-or-explain basis;

c. establish a new Compliance Board, with the ability to investigate, help, sanction and if need be expel signatories from the Code;

d. improve the Code website to promote best practice

4. These decisions were based on a result of Code signatories and members of the public. The survey found:

• 72% of signatories who responded supported the introduction of a maximum payment term, and 63% thought this should be 60 days.

• That 70% of all participants felt that members should provide a report on their payment practices.

• That 57% of all respondents believed that strengthening the enforcement proposals were workable.

5. This measure also responded in part to concerns raised in Parliament during passage of the Small Business, Enterprise & Employment Bill, where some MPs and Peers argued for a mandatory 60 day payment term in the Code.

6. Code signatories will be actively encouraged to comply early with these changes, ahead of their formally coming into force next year.

7. New legislation that came into force on 25 February means that every business in the public sector supply chain must comply with 30 day payment terms, including suppliers and sub-contractors: https://www.gov.uk/government/news/government-spends-114-billion-with-smes

8. Existing signatories of the Prompt Payment Code will be contacted. Please also visit the FAQ page at http://www.promptpaymentcode.org.uk/faqs.htm




The ICM starts New Year by Royal Approval


Press Release - 01 January 2015


(1 January 2015) The Institute of Credit Management (ICM) has today formally become the Chartered Institute of Credit Management (CICM), confirming its position as the recognised standard in credit management.

Philip King, Chief Executive of the CICM, says that credit managers are responsible for managing more than £4 trillion of trade debt each year, and their professional status and national recognition is growing: “The Royal Charter affirms the quality and integrity of our Institute, our qualifications, and our members, and the critical role they play in keeping the cash flowing,” he says.

Already Europe’s largest association for the credit management profession, the ICM’s elevation to Chartered status was supported by the Department for Business, Innovation and Skills (BIS) with whom the Institute works closely on supporting business growth and for whom it manages the Prompt Payment Code (PPC). Other supporters included the Insolvency Service, the Institute of Chartered Accountants in England and Wales (ICAEW), and the Credit Services Association (CSA).

As the Chartered Institute of Credit Management, the organisation will continue to promote the role of credit management and collections, and champion professional credit managers at every stage of their careers in supporting business growth across the whole spectrum of industries from the largest manufacturers to the smallest service providers in the UK and internationally.

Royal Charters, Philip says, are granted rarely, and as such this is arguably the most significant achievement in the Institute’s 75-year history: “We had to demonstrate the tangible support that our members deliver, and the high level of qualification they are expected to achieve,” he says.

“We also had to demonstrate a track record of achievement, and were no doubt helped by such initiatives as the Managing Cashflow Guides, the Prompt Payment Code (PPC), and the Start up Loans Company in which we have been closely involved.”




Food for thought – a blog by Philip King


Press Release - 11 December 2014


The furore arising from the news that Premier Foods was demanding money from suppliers to continue doing business with it was no surprise. Practices like that are hard to defend and need to be stopped.

What frustrated me more was the confusing message conveyed by some commentators and lobbying organisations that this practice is somehow linked to late payment. I agree that both ‘pay to stay’ and late payment are a demonstration of poor treatment of suppliers but that is where the connection starts and ends.

The late payment debate is becoming increasingly emotional but inappropriately linking unconnected actions and events is unhelpful in my view. There are a range of ways a supplier can be exploited; from demanding payment to be on a supplier’s list, to insisting on unsustainably low prices, to lengthening payment terms without consultation, through to simply delaying payment without reason or justification. And there are of course a host more in between. All of them need addressing but they are different problems and, for the most part, need different solutions.

We need to be careful, too, of unintended consequences; if one practice is stamped out, businesses determined to achieve a particular outcome will find an alternative way of achieving it by different means. Interestingly Gavin Darby, Chief Executive of Premier Foods, was quoted in the Sunday Times saying: ‘……If the optics of this scheme for some people feel uncomfortable, I’m happy to move on and move the scheme to a more traditional discount……We would just say we have an invest-to-grow campaign, we want people to come with us to invest in our business and that would be reflected in a discount on the terms they have offered in the past.” I don’t read that as suggesting the scheme will stop, rather that it will be re-badged.

The one common need is for greater transparency. As I said in response to the launch of the current BIS consultation on the requirement for large businesses to report on payment practice: “…businesses need to make better informed decisions before entering into commercial relationships and this measure will be invaluable in helping them enter into such relationships with their eyes wide open.” If businesses know in advance what to expect from an organisation they are going to supply to they are better able to negotiate conditions that are acceptable and sustainable, better able to plan for the impact on their own business, and far less likely to suffer difficulties arising from those conditions. They can also – importantly- make an informed decision about whether they want to deal with the customer at all.

On the subject of transparency and visibility, the ICM and BIS are currently conducting a survey on the development and strengthening of the Prompt Payment Code. If you can spare five minutes, please head here and add your views.




ICM and BIS monthly cashflow ‘tip’ to small businesses


Press Release - 4 December 2014


The Institute of Credit Management (ICM) and Matthew Hancock MP, Minister of State for Skills and Enterprise, have published their monthly ‘tip’ for small businesses to better manage their cashflow.

““If your customer goes bust, make sure you tell the Insolvency Practitioner anything you may know about the assets or the conduct of an individual, director, or the company itself. The more assets the IP can recover, the more money you are likely to get back as a result.””

The cashflow ‘tips’ are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 500,000 downloads.

For further information, log on to http://www.icm.org.uk/resources/cashflow-guides/




ICM says new payment reporting proposals will protect small businesses and their cashflow


Press Release - 28 November 2014


New proposals in the Small Business Bill to oblige large companies to publish detailed information about their payment practices and performance will enable small businesses to enter into trade relationships with their ‘eyes wide open’ according to the Institute of Credit Management (ICM), a leading business organisation.

Philip King, Chief Executive of the ICM, says that a new and robust reporting regime will help small businesses identify the best paying large companies, and better manage their cashflow accordingly: “Transparency is a key element in changing culture across many aspects of business, and payment behaviour is no exception,” he says.

“The proposed new measures will allow more visibility of how businesses behave in paying their suppliers. Small businesses need to make better informed decisions before entering into commercial relationships and this measure will be invaluable in helping them enter into such relationships with a clear picture of what they are letting themselves in for.”

In welcoming the news, the Mr King says he would like to see companies obliged to publish their payment record on their websites, and for the information to be linked directly to the website of the Prompt Payment Code which the ICM administers on behalf of the Government. He also says that there should be a mechanism for the reported information to be passed to the Credit Reference Agencies to enhance their reports.

The proposed changes will oblige larger companies to report: the average payment time; the proportion of invoices paid beyond terms; and the proportion of invoices paid within 30 days, over 30 days, over 60 days and over 120 days. Reporting on a quarterly basis will be a mandatory requirement for all large and quoted companies.

Business Minister Matthew Hancock said that tackling late payment is at the heart of the Government’s drive to help small businesses: “We know that small businesses are often reluctant to risk losing business by using the redress measures we’ve put in place, so we want to tackle the underlying culture by increasing transparency on payment practices and performance,” he says.

“The measures we are consulting on will make it clear to small businesses and consumers alike which large businesses behave properly, and those that think they can ride roughshod over their suppliers.”

The consultation follows the announcement last month that a new Prompt Payment Advisory Board has been set up to strengthen the impact of the Prompt Payment Code.

Click here to read the BIS press release and the consultation.




Government announces Prompt Payment Code Advisory Board chaired by ICM


Press Release from Department for Business, Innovation & Skills and The Rt Hon Matthew Hancock MP – 28 October 2014


Leading businesses and the public sector have come together to make sure suppliers are paid on time and treated fairly.

Representatives from Aviva, Barclays, Bury Council, City of London Corporation, Fujitsu, Greggs, Skanska and Stort Chemicals will be forming a new advisory board tasked with strengthening the Prompt Payment Code.

The Prompt Payment Code sets out principles for businesses to follow when dealing with and paying their suppliers. More than 1,700 businesses and public authorities have so far committed to these principles. This includes the representatives on the new board, who were selected because of their good reputations on payment practices.

The new Prompt Payment Advisory Board will:

  • improve monitoring and enforcement of the Code
  • promote awareness of the Code
  • provide advice on whether there is a need to update the Code

Business Minister Matthew Hancock said:

“Late payment continues to plague businesses, putting a strain on cash flow and preventing plans for growth. We have committed to tackling this problem, but there is no silver bullet. This is about a change in culture, which needs businesses and government to work together. The new Advisory Board will strengthen the Prompt Payment Code, cracking down on poor practice and showcasing good practice.”

Philip King, CEO of the Institute of Credit Management (ICM) and co-chair of the Prompt Payment Code Advisory Board said:

“Having hosted and administered the Prompt Payment Code for BIS since its launch, we have seen the Code grow in stature, prominence and membership. The timing is now right for the Code to be further strengthened and developed as a key tool in helping to tackle the scourge of late payment and driving a change in business culture from top to bottom. The launch of a dedicated Prompt Payment Code Advisory Board is both a positive and exciting step. It will allow individuals to bring their expert advice to the table and identify further improvements to support the creation of an environment where paying on time is the norm rather than the exception. I am delighted to be co-chairing the Board and look forward to working with my fellow Board members alongside Ministers and colleagues at the Department.”

The Advisory Board has its first meeting today (28 October 2014) and will aim to implement concrete proposals in Spring 2015.

The government is also taking action to curb late payment through the Small Business, Enterprise and Employment Bill which is currently going through Parliament. The Bill contains proposals to create a duty for large companies and listed firms to report on their payment practices, as well as reforms to public procurement.

Notes to editors

  • 1. The Advisory Board members are: Aviva, Barclays, Bury Council, City of London Corporation, Confederation of British Industries, Forum of Private Business, Fujitsu, Greggs, Institute of Directors, Skanska and Stort Chemicals Ltd.
  • 2. The decision to create the Advisory Board follows calls for a more robust and active Code in response to a BIS discussion paper: Building a Responsible Payment Culture.
  • 3. The Code was established in 2008 following calls from business organisations to establish a set of principles that would commit businesses to paying on time and fairly. It is administered by the Institute of Credit Management on behalf of BIS. In response to the discussion paper, BIS committed to working with ICM to strengthen the Code.
  • 4. For more information about the Code go to the Prompt Payment Code website.
  • 5. Through the Small Business, Enterprise and Employment Bill which is currently being debated in Parliament, BIS is introducing legislation that will require large companies, large Limited Liability Partnerships and listed companies to report on their payment practices. This will increase transparency around how companies pay their suppliers.




ICM and BIS monthly cashflow ‘tip’ to small businesses


Press Release - 18 August 2014


The Institute of Credit Management (ICM) and Matthew Hancock MP, Minister of State for Skills and Enterprise, have published their monthly ‘tip’ for small businesses to better manage their cashflow.

“If you’re not going to be able to pay a supplier on time, tell them as soon as you can. Saying nothing makes it more likely that they’ll take action to recover their money; talking to them might provide the opportunity for them to show some flexibility and support.”

The cashflow ‘tips’ are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 500,000 downloads.

For further information, log on to http://www.icm.org.uk/resources/cashflow-guides/




ICM and BIS monthly cashflow ‘tip’ to small businesses


Press Release - 18 August 2014


The Institute of Credit Management (ICM) and Matthew Hancock MP, Minister of State for Skills and Enterprise, have published their monthly ‘tip’ for small businesses to better manage their cashflow.

“If you’re not going to be able to pay a supplier on time, tell them as soon as you can. Saying nothing makes it more likely that they’ll take action to recover their money; talking to them might provide the opportunity for them to show some flexibility and support.”

The cashflow ‘tips’ are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 500,000 downloads.

For further information, log on to http://www.icm.org.uk/resources/cashflow-guides/




ICM and Minister release latest cashflow tip


Press Release - 11 June 2014


The Institute of Credit Management (ICM) and Matthew Hancock MP, Minister of State for Skills and Enterprise, have published their monthly ‘tip’ for small businesses to better manage their cashflow.

“Don’t assume your customer can, or will, pay you on time. Obtain a credit reference agency report to assess their creditworthiness and find out how they pay other suppliers before agreeing payment terms.”

The cashflow ‘tips’ are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 500,000 downloads.

For further information, log on to http://www.icm.org.uk/resources/cashflow-guides/




ICM urges Government to be clearer on key late payment issue


Press Release - 30 May 2014


Institute says BIS has ‘ducked the issue’ regarding ‘grossly unfair’ terms

The Institute of Credit Management (ICM) has welcomed the Government’s commitment to working with it in further strengthening the Prompt Payment Code (PPC) and plans for a new robust reporting framework that focuses on the needs of suppliers.

But the ICM says that it is disappointed that the Department for Business, Innovation and Skills (BIS) has once again ‘ducked the issue’ regarding the rights of business to challenge ‘grossly unfair’ terms by failing to define what grossly unfair terms might be.

Responding to BIS’ response to the Building a Responsible Payment Culture consultation published today (May 30), Philip King, Chief Executive of the ICM, says the Government is right not to be setting a maximum payment term of 30 days (outside of the public sector) but wrong not to be clearer on when such terms are unfair: “What is critical is the certainty of payment, more than being caught in arguments over 30 or 60 day terms,” he says.

“But there clearly comes a point when the terms of payment should be deemed unfair, for example when they are imposed by the buyer without consultation or negotiation, when they are retrospectively applied to contracts already in place, and/or where they are demanded in circumstances that will clearly be to the detriment of the supplier and exploiting the weakness of his bargaining position. We articulated this view in our official response, but it appears the issue has been ducked.”

Mr King says it also seems that the Government has missed the opportunity of clarifying the situation whereby ‘organisations officially recognised as representing undertakings, or organisations with a legitimate interest in representing undertakings may take action…on the grounds that contractual terms or practices are grossly unfair…’

“This clause (article 7.5) is in the EU Directive (2011/7/EU) but does not appear to be reflected in the regulations (Statutory Instrument 2013 number 395). This clause would allow business organisations to challenge unfair contract terms without jeopardising individual supplier contracts/relationships and is vital to the successful implementation of the recast directive,” he adds.

A flagship of the Government’s fight against late payment is the Prompt Payment Code, hosted and administered by the ICM, and Mr King is pleased to see that support for the Code will be strengthened. “The Government says it will look in more detail at various proposals to increase the accountability of signatories, and to work with the ICM in promoting examples of best practice,” Mr King adds.

He is also pleased with the Government’s proposals regarding closer ties with industry and sector bodies to develop new codes of best practice – an approach that recently led to the launch of a new Construction Supply Chain Payment Charter engineered by the ICM.

The ICM similarly welcomed the recommendation not to increase the penalties for late payment, but rather to better implement and enforce those measures that already exist.

Mr King is urging businesses to engage fully in the ongoing debate that will now follow: “We need to understand that ‘Building a responsible payment culture’ requires businesses to respond, and I would urge all companies, large and small, to ensure their voices are heard.”

But, he says, in many ways, the ‘silver bullet’ to improving the speed and certainty of payment already exists: “Of course late payment is an issue, and perhaps it always will be, but its impact can be significantly reduced through good credit management.”




ICM and Minister release latest cashflow tip


Press Release - 22 May 2014


The Institute of Credit Management (ICM) and Matthew Hancock MP, Minister of State for Skills and Enterprise, have published their monthly ‘tip’ for small businesses to better manage their cashflow.

“Don’t just wait and hope to receive payment of a large invoice. It’s your money and it should be in your bank account, so ask when you’re going to be paid and follow up to make sure you are.”

The cashflow ‘tips’ are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 500,000 downloads.

For further information, log on to http://www.icm.org.uk/resources/cashflow-guides/




ICM and Minister release latest cashflow tip


Press Release - 26 April 2014


The Institute of Credit Management (ICM) and Matthew Hancock MP, Minister of State for Skills and Enterprise, have published their monthly ‘tip’ for small businesses to better manage their cashflow.

“Paying your suppliers on or before the agreed date is part of responsible trading and creates a stronger, more sustainable, supply chain. Be responsible.”

The cashflow ‘tips’ are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 480,000 downloads.

For further information, log on to http://www.icm.org.uk/resources/cashflow-guides/




ICM and BIS monthly cashflow ‘tip’ to small businesses


Press Release - 10 March 2014


The Institute of Credit Management (ICM) and Matthew Hancock MP, Minister of State for Skills and Enterprise, have published their monthly ‘tip’ for small businesses to better manage their cashflow.

“Call your customer a few days after sending a large invoice to check that it’s been received and there are no problems. If you wait until the due date, you might only then discover there’s a dispute and the money won’t be in your account until the problem is sorted out.”

The cashflow ‘tips’ are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 480,000 downloads.

For further information, log on to http://www.icm.org.uk/resources/cashflow-guides/




ICM and BIS monthly cashflow ‘tip’ to small businesses


Press Release - 7 January 2014


The Institute of Credit Management (ICM) and Matthew Hancock MP, Minister of State for Skills and Enterprise, have published their monthly ‘tip’ for small businesses to better manage their cashflow.

“You wouldn't lend money to a man in a pub if you didn't know who he was, where he lived, and if he'd be able to repay you, and when. Don't supply goods or services without being able to answer at least the same four questions.”

The cashflow ‘tips’ are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 450,000 downloads.

For further information, log on to http://www.icm.org.uk/resources/cashflow-guides/




BUSINESS LEADER BELIEVES LATE PAYMENT CAN BE OVERCOME


Press Release - 9 December 2013


ICM responds to news of BIS consultation 'Building a responsible payment culture'

A leading business organisation has urged firms to engage with the Government’s new consultation on late payment and consider further ways in which existing initiatives such as the Prompt Payment Code (PPC) can be made more effective.

But alongside ‘new’ thinking, the Institute of Credit Management (ICM) says that businesses should be and could be doing more to focus on ‘established’ principles of good credit management to better manage their cashflow.

“Of course late payment is an issue, and one that has exercised the minds of businesses and government even more so in recent times,” says Philip King, Chief Executive of the ICM. “But in many ways the ‘silver bullet’ – good credit management – already exists.

“If, through this consultation, we can take the need and appetite to change the culture and attitude to late payment and match it with sound, practical steps that companies can take to protect their cashflow, then we can make a real difference in preventing this often pernicious practice.”

The Prompt Payment Code is hosted and administered by the ICM for the Department of Business, Innovation and Skills (BIS). To date it has attracted more than 1,500 signatories of firms committing to paying their customers to agreed terms.

“What is critical is the certainty of payment, more than being caught in arguments over 30 or 60 day terms,” Philip concludes. “Businesses that sign up to the Code effectively sign up to the ethos of treating their suppliers fairly.

“We need to understand that 'Building a responsible payment culture' – the Government’s ambition and the name of its consultation – requires businesses to respond, and I would urge every company, both large and small, to ensure its voice is heard.’

Please click here to read the consultation and provide your comments.

For further press information, please contact:
Sean Feast or Alex Simmons, Gravity Public Relations - 0207 330 8888 - mediaenquiries@icm.org.uk




Payment debate must not descend into political point scoring


Press Release - 14 October 2013


A leading business organisation has welcomed the Government’s plans to act on Late Payment, but urged MPs to acquaint themselves fully with the facts and not allow the issue to descend into political point-scoring.

Philip King, Chief Executive of the Institute of Credit Management (ICM), says that while Late Payment remains the scourge of small businesses, recent debates and calls to punish those who transgress do little to create an informed solution: “Late Payment is a complicated issue,” he says, “and one that cannot be resolved by fines and arbitrary payment terms that fail to recognise that different business sectors operate in different ways.

“What businesses need above all else is the certainty of payment; they need to know that they will be paid within the terms agreed and that those terms will not be changed without prior discussion and consultation.”

The ICM manages the Prompt Payment Code (PPC) on behalf of the Department of Business, Innovation and Skills, and is recognised as a champion of better payment practice. It is also the author of a series of Managing Cashflow Guides that have so far been downloaded by almost half a million businesses.

Mr King’s comments follow the announcement today (14th October) that the Prime Minister has himself entered the Late Payment debate, and that those who treat their suppliers unfairly should be punished. Mr King says, however, that sanctions already exist: “The EU Payment Directive allows businesses to charge interest in late payment, and there are additional charges for delays that are in effect ‘fines’ by any other name.

“It is not ‘fines’ that we need, but rather a change in culture and attitude to payment, and that has to be driven from the top as an intrinsic part of an organisation’s corporate responsibility. Prompt Payment promotes sustainability within the supply chain that is essential to mutual success.”

The Institute will be meeting with the new Minister of State for Skills and Enterprise, Matthew Hancock MP, to explore the issue in more detail in the coming days.




ICM and BIS monthly cashflow ‘tip’ to small businesses


Press Release - 16 September 2013


The Institute of Credit Management (ICM) and the Minister of State for Business and Enterprise Michael Fallon have published their monthly ‘tip’ for small businesses to better manage their cashflow.

“Don't continue supplying a customer who's not paying unless there's a good reason and you're confident they can. Allowing the debt to get older and bigger is definitely not in your interest.”

The cashflow ‘tips’ are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 450,000 downloads.

For further information, log on to http://www.icm.org.uk/resources/cashflow-guides/




INTUIT SPONSORS PROMPT PAYMENT CODE TO PUT AN END TO THE £36BN DEBT OWED TO UK SMALL BUSINESES


Press Release - 27 August 2013


LEADING PROVIDER OF BUSINESS & FINANCIAL MANAGEMENT SOLUTIONS IS COMMITTED TO SUPPORTING SMALL BUSINESSES IN PARTNERSHIP WITH MAJOR BANKS

London Intuit, the small business accounting, payroll and payments specialist today announced its sponsorship of the Prompt Payment Code in a bid to help small businesses get paid on time.

Developed for the Department of Business, Innovation and Schools (BIS) by the Institute of Credit Management and backed by the Minister for Business and Enterprise, Michael Fallon MP, the Prompt Payment Code promotes and fosters best practice between organisations and their suppliers. Intuit sponsorship of the Prompt Payment Code demonstrates its commitment to helping drive a change in payment culture to help business with their cash flow whilst delivering economic growth.

Estimates suggest that SMEs in the UK were owed more than £36bn in late payments last year. Many businesses have also reported having to use personal money or assets to boost cash flow because of late payments.

Mark Little, VP and Managing Director Intuit UK said: “Intuit is constantly looking at ways to help small businesses including support with payment and cash flow management systems. This is particularly significant when small businesses or traders are selling big ticket items to larger clients who can disrupt their cash flow when payments are missed of late.

“Intuit’s sponsorship of the Prompt Payment Code’s will help to put pressure on bigger organisations to honor the payment terms of small businesses who are key to driving the UK economy out of recession. I am delighted that we are helping to drive this positive change in behavior as part of intuit’s commitment to helping small businesses.’

Philip King, Chief Executive of the ICM, says he is delighted with Intuit’s support of the Code: “Late payment is an issue that continues to blight many parts of the British economy but there is a growing appetite for change. Almost 1,500 businesses have now signed up to the Code, and with the tangible support of companies like Intuit as a principal sponsor, we can do even more to ensure that prompt payment to agreed terms and conditions is embedded and becomes best-practice in customer/supplier relationships.”

Business Minister Michael Fallon said: “Tackling the issue of late payments is of vital importance. Many firms really struggle with the cash flow problems that late payments create and this has an unfair effect on them growing their business.

“It’s positive to see that organisations like Intuit are supporting the prompt payment code. We want to see even more businesses committing to pay their suppliers on time and set an example by signing up to the principles of the code."

Intuit helps thousands of small businesses manage their finances, with its suite of accountancy software and payments technology including QuickBooks, QuickBooks Online and Intuit Pay. Through its Financial Fitness programme, Intuit has taken a lead role in helping to train thousands of small business owners on the importance of effective financial management. This includes a focus on making it easy -for customers to pay on time.

Existing sponsors include Barclays, Lloyds, RBS and HSBC.




ICM and BIS monthly cashflow ‘tip’ to small businesses


Press Release - 7 August 2013


The Institute of Credit Management (ICM) and the Minister of State for Business and Enterprise Michael Fallon have published their monthly ‘tip’ for small businesses to better manage their cashflow.

“Burying your head in the sand is the worst possible option. If you can't pay a supplier on time, communication is key. Tell them as soon as you know, explain why, and agree a payment plan with them.”

The cashflow ‘tips’ are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 450,000 downloads.

For further information, log on to http://www.creditmanagement.org.uk/bisguides.htm




ICM and BIS monthly cashflow ‘tip’ to small businesses


Press Release - 22 July 2013


The Institute of Credit Management (ICM) and the Minister of State for Business and Enterprise Michael Fallon have published their monthly ‘tip’ for small businesses to better manage their cashflow.

“If an invoice hasn't been paid, chase the customer. While you're waiting and hoping they're going to pay soon, another supplier will be chasing and getting money that could be in your bank account!”

The cashflow ‘tips’ are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 450,000 downloads.

For further information, log on to http://www.creditmanagement.org.uk/bisguides.htm




ICM and BIS monthly cashflow ‘tip’ to small businesses


Press Release - 14 June 2013


The Institute of Credit Management (ICM) and the Minister of State for Business and Enterprise Michael Fallon have published their monthly ‘tip’ for small businesses to better manage their cashflow.

“Credit insurance is worth considering if you're worried about your customers' financial viability and it can make finance more readily available because the risk of bad debts is reduced.”

The cashflow ‘tips’ are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 450,000 downloads.

For further information, log on to http://www.creditmanagement.org.uk/bisguides.htm




ICM and BIS monthly cashflow ‘tip’ to small businesses


Press Release - 8 May 2013


The Institute of Credit Management (ICM) and the Minister of State for Business and Enterprise Michael Fallon have published their monthly 'tip' for small businesses to better manage their cashflow.

"Your suppliers might be depending on their invoices being paid promptly. Don't threaten their survival by delaying payment."

The cashflow 'tips' are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 450,000 downloads.

For further information, log on to http://www.creditmanagement.org.uk/bisguides.htm




ICM wins national recognition for raising the profile of credit management


Press Release - 22 March 2013


The ICM has been recognised in a national Public Relations Award Programme for raising the profile of the credit management profession and highlighting the ongoing issues surrounding late payment.

The work of the ICM, delivered in partnership with its communications agency Gravity London, beat off six other entries from leading High Street banks, asset management companies and credit card issuers to win the Financial PR Campaign of the Year category of the 2013 Golden Hedgehog Awards held at the Emirates Stadium in London on March 21.

Philip King, Chief Executive of the ICM, says he is delighted that the partnership with Gravity London is creating greater recognition for the Institute and the credit profession: "Following on from our nomination in the 2012 CIPR Pride Awards, this serves as another acknowledgement of just how much we have achieved in helping the voice of the credit manager to be heard louder and clearer within the UK media."

Sean Feast, Director of Gravity London, is similarly pleased: "We work with the ICM and the ICM team works with us in creating news and content across all channels that gives the Institute and credit managers a deserved share of voice on the key issues of late payment and cashflow.

"'Partnership' is an often overused word, but it is genuinely this partnership approach and the trust at a senior level that enables us to deliver award-winning campaigns that enhance the awareness and understanding of credit management."




ICM and BIS monthly cashflow 'tip' to small businesses


Press Release - 21 March 2013


The Institute of Credit Management (ICM) and the Minister of State for Business and Enterprise Michael Fallon have published their monthly 'tip' for small businesses to better manage their cashflow.

"Find out, before you raise an invoice, what details your customer needs (e.g. do you need a purchase order number?) to ensure it can be processed quickly. It will make your life, and theirs, easier and might save payment delays and time wasted chasing. "

The cashflow 'tips' are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 420,000 downloads.

For further information, log on to http://www.creditmanagement.org.uk/bisguides.htm




New figures from ICM show shift in late payment culture


Press Release - 4 March 2013


The Institute of Credit Management (ICM) has published new figures regarding the continued success of its two cashflow initiatives devised and implemented for the Department of Business, Innovation and Skills (BIS).

Managing Cashflow Guides: as at 12:00pm Friday 1st March 2013, more than 426,000 cashflow guides had been downloaded from the ICM website, a rise of more than 50,000 year-on-year. The most popular of the 13 guides is the one giving advice on 'Payment Terms' that accounts for nearly 25% of the total.

Prompt Payment Code : as at 12:00pm Friday 1st March 2013, the total number of signatories to the Code stood at 1,334. This figure included: 65 of the FTSE100; 63 of the FTSE250 and 128 of the FTSE350. Latest signatories to the Code within the last month include Britvic, Paypoint and QinetiQ.

Philip King, Chief Executive of the ICM, says that there has been a noticeable shift in businesses' response to the issue of payments in recent months: "Political and media pressure have no doubt helped to bring the late payment debate out into the open, and that manifests itself in two ways," he says.

"Firstly, it means that more smaller businesses have been wanting to learn about best practice, hence the surge in demand for our Managing Cashflow Guides; secondly, more of the larger firms have been inclined to sign the Prompt Payment Code as their commitment to paying their suppliers to agreed terms that are fair and reasonable.

"It should always be remembered that the Code is not new 'legislation', but rather a commitment to good practices," he concludes. "While highlighting those who fail to sign up to the Code may indeed find popular support, much more can be gained by encouraging best practice and ensuring businesses have the information and tools they require to develop a mutually beneficial trading relationship."

Businesses wanting to sign up to the Prompt Payment Code can do so by following this link: www.promptpaymentcode.org.uk


Prompt Payment Code - FTSE 350 signatories


FTSE100 Company Application Date
  3i Group 07/12/2012
FTSE100 Admiral Group 07/01/2013
  Aegis Group 13/12/2012
  Afren 13/12/2012
FTSE100 Aggreko 06/01/2013
  Alliance Trust 14/01/2013
FTSE100 Anglo American 22/11/2012
FTSE100 Associated British Foods 08/11/2012
FTSE100 AstraZeneca 04/03/2009
  Atkins (WS) 03/01/2013
FTSE100 Aviva 09/01/2013
FTSE100 Babcock International Group 23/11/2012
FTSE100 BAE Systems 06/02/2009
  Balfour Beatty 05/07/2010
FTSE100 Barclays 20/05/2009
  Berendsen 30/01/2013
  Berkeley Group Holdings (The) 13/12/2012
FTSE100 BG Group 24/01/2013
FTSE100 BHP Billiton 31/08/2012
FTSE100 BP 04/12/2009
FTSE100 British American Tobacco 23/11/2012
FTSE100 British Land Co 08/04/2010
FTSE100 British Sky Broadcasting Group 17/07/2009
  Britvic 15/02/2013
FTSE100 BT Group 16/04/2010
FTSE100 Burberry Group 28/01/2013
FTSE100 Capita 05/10/2009
  Capital & Counties Properties  16/01/2013
  Carillion 04/02/2013
FTSE100 Carnival 01/02/2013
  Catlin Group Ltd. 09/01/2013
FTSE100 Centrica 13/07/2009
  City of London Inv Trust 04/08/2009
FTSE100 Compass Group 28/01/2013
  CSR 13/02/2013
  De La Rue 21/12/2012
  Derwent London 04/01/2013
  Devro 21/01/2013
FTSE100 Diageo 20/11/2012
  Dignity 12/12/2012
  Drax Group 25/01/2013
  Enterprise Inns 21/02/2013
  Essar Energy  21/12/2012
FTSE100 Experian 23/11/2009
  Ferrexpo 30/01/2013
  Fidessa Group 07/02/2013
FTSE100 GlaxoSmithKline 12/06/2009
  Grainger 05/12/2012
  Great Portland Estates 17/12/2012
  Greggs 20/03/2012
FTSE100 Hammerson 11/01/2013
FTSE100 Hargreaves Lansdown 12/02/2013
  Henderson Group 21/12/2012
FTSE100 HSBC Holdings 22/07/2009
  Imagination Technologies Group 14/01/2013
FTSE100 Imperial Tobacco Group 26/05/2009
FTSE100 InterContinental Hotels Group 26/11/2009
  Interserve 26/11/2012
  Invensys 04/02/2013
  IP Group 30/01/2013
FTSE100 Johnson Matthey 21/12/2009
FTSE100 Kazakhmys 26/10/2012
  Kier Group 23/11/2012
FTSE100 Kingfisher 17/01/2013
  Lancashire Holdings 18/12/2012
FTSE100 Land Securities Group 06/08/2012
FTSE100 Lloyds Banking Group 16/04/2009
  London & Stamford Property  20/12/2012
  London Stock Exchange Group 01/02/2010
  Lonmin 04/01/2013
  Man Group 19/11/2012
FTSE100 Marks & Spencer Group 08/02/2010
FTSE100 Meggitt 20/12/2012
  Mitie Group 08/10/2009
  Moneysupermarket.com Group 08/01/2013
FTSE100 National Grid 27/04/2009
FTSE100 Next 14/12/2012
FTSE100 Old Mutual 07/01/2013
  Paragon Group Of Companies 01/02/2013
  PayPoint 18/02/2013
FTSE100 Pearson 04/06/2009
FTSE100 Petrofac Ltd. 03/01/2013
  Phoenix Group Holdings (DI) 14/12/2012
  Polar Capital Technology Trust 13/12/2012
  Provident Financial 17/12/2012
FTSE100 Prudential 02/07/2009
  QinetiQ Group 15/02/2013
  Rank Group 06/12/2012
FTSE100 Reckitt Benckiser Group 10/01/2013
FTSE100 Reed Elsevier 07/02/2013
  Rentokil Initial 24/12/2009
FTSE100 Rexam 11/01/2013
FTSE100 Rolls-Royce Holdings 30/11/2012
  Rotork 20/12/2012
FTSE100 Royal Bank of Scotland Group 19/01/2009
FTSE100 Royal Dutch Shell 12/02/2009
  RPC Group 04/01/2013
  RPS Group 13/02/2013
FTSE100 RSA Insurance Group 05/08/2009
FTSE100 SABMiller 20/11/2012
FTSE100 Sage Group 19/12/2012
FTSE100 Sainsbury (J) 31/01/2013
  Salamander Energy 28/11/2012
  SEGRO 30/01/2013
  Senior 28/02/2013
FTSE100 Serco Group 15/10/2012
FTSE100 Severn Trent 23/07/2012
  SIG 15/01/2013
FTSE100 Smith & Nephew 18/12/2012
  Spirax-Sarco Engineering 09/01/2013
  Spirent Communications 05/12/2012
  St James's Place 13/12/2012
  St. Modwen Properties 28/01/2013
FTSE100 Standard Chartered 04/06/2009
FTSE100 Standard Life 09/10/2012
  Supergroup 17/01/2013
  Synthomer 10/01/2013
FTSE100 Tate & Lyle 04/12/2012
  Telecom Plus 09/11/2012
FTSE100 Tesco 21/01/2009
FTSE100 Tullow Oil 30/08/2012
FTSE100 United Utilities Group 12/05/2010
FTSE100 Vodafone Group 22/01/2013
  WH Smith 25/01/2013
FTSE100 Wolseley 23/01/2013
  Workspace Group 27/02/2013
FTSE100 WPP 26/06/2009
FTSE100 Xstrata 29/01/2013

 


FTSE 350 non-signatories


FTSE100 Company
  3i Infrastructure
FTSE100 Aberdeen Asset Management
  Aberforth Smaller Companies Trust
  African Barrick Gold 
  Alent
FTSE100 Amec
  Amlin
  Anite
FTSE100 Antofagasta
FTSE100 ARM Holdings
  Ashmore Group
  Ashtead Group
  Aveva Group
  AZ Electronic Materials SA (DI)
  Bank of Georgia Holdings
  Bankers Inv Trust
  Barr (A.G.)
  Barratt Developments
  BBA Aviation
  Beazley
  Bellway
  Betfair Group
  BH Global Ltd
  BH Macro Ltd
  Big Yellow Group
  BlackRock World Mining Trust
  BlueCrest AllBlue Fund Ltd. GBP ..
  Bodycote
  Booker Group
  Bovis Homes Group
  Brewin Dolphin Holdings
  British Assets Trust
  British Empire Securities & Gene..
  Brown (N.) Group
  BTG
  Bumi
FTSE100 Bunzl
  Bwin.party Digital Entertainment
  Cable & Wireless Communications
  Cairn Energy
  Caledonia Investments
FTSE100 Capital Shopping Centres Group
  Carpetright
  Centamin (DI)
  Chemring Group
  Close Brothers Group
  Cobham
  COLT Group SA
  Computacenter
  Cranswick
FTSE100 CRH
FTSE100 Croda International
  Daejan Holdings
  Dairy Crest Group
  Debenhams
  Dechra Pharmaceuticals
  Dexion Absolute Ltd. GBP Shares
  Dialight
  Diploma
  Direct Line Insurance Group
  Dixons Retail 
  Domino Printing Sciences
  Domino's Pizza Group
  Dunelm Group
  easyJet
  Edinburgh Dragon Trust
  Edinburgh Inv Trust
  Electra Private Equity
  Electrocomponents
  Elementis
  EnQuest
FTSE100 Eurasian Natural Resources Corp.
  Euromoney Institutional Investor
FTSE100 Evraz
  F&C Asset Management
  F&C Commercial Property Trust Ltd.
  Fenner
  Fidelity China Special Situations 
  Fidelity European Values
  Filtrona PLC
  FirstGroup
  Foreign and Colonial Inv Trust
FTSE100 Fresnillo
FTSE100 G4S
  Galliford Try
  Genesis Emerging Markets Fund Ltd.
  Genus
FTSE100 GKN
FTSE100 Glencore International
  Go-Ahead Group
  Greene King
  Halfords Group
  Halma
  Hansteen Holdings
  Hays
  Herald Inv Trust
  Heritage Oil
  HICL Infrastructure Company Ltd
  Hikma Pharmaceuticals
  Hiscox Ltd.
  Hochschild Mining
  Home Retail Group
  Homeserve
  Howden Joinery Group
  Hunting
  ICAP
  IG Group Holdings
FTSE100 IMI
  Inchcape
  Informa
  Inmarsat
  Intermediate Capital Group
FTSE100 International Consolidated Airli..
  International Personal Finance
  International Public Partnership..
FTSE100 Intertek Group
  Investec
  ITE Group
FTSE100 ITV
  Jardine Lloyd Thompson Group
  JD Sports Fashion
  John Laing Infrastructure Fund Ltd
  JPMorgan American Inv Trust
  JPMorgan Emerging Markets Inv Tr..
  JPMorgan Indian Inv Trust
  Jupiter Fund Management 
  KCOM Group
  Kenmare Resources
  Kentz Corporation Ltd.
  Ladbrokes
  Laird
  Law Debenture Corp.
FTSE100 Legal & General Group
  Marston's
FTSE100 Melrose Industries
  Menzies(John)
  Mercantile Investment Trust (The)
  Merchants Trust
  Michael Page International
  Micro Focus International
  Millennium & Copthorne Hotels
  Mitchells & Butlers
  Mondi
  Monks Inv Trust
  Morgan Crucible Co
FTSE100 Morrison (Wm) Supermarkets
  Murray Income Trust
  Murray International Trust
  National Express Group
  NB Global Floating Rate Income F..
  New World Resources A Shares
  Ocado Group
  Ophir Energy
  Oxford Instruments
  Pace
  Pennon Group
  Perform Group
  Perpetual Income & Growth Inv Tr..
  Persimmon
  Personal Assets Trust
  Petra Diamonds Ltd.(DI)
  Petropavlovsk
  Playtech Ltd.
FTSE100 Polymetal International
  Premier Farnell
  Premier Oil
  PZ Cussons
FTSE100 Randgold Resources Ltd.
  Rathbone Brothers
  Raven Russia Ltd
  Redrow
  Regus
  Renishaw
FTSE100 Resolution Ltd.
  Restaurant Group
  Rightmove
FTSE100 Rio Tinto
  RIT Capital Partners
  Savills
FTSE100 Schroders
  Scottish Inv Trust
  Scottish Mortgage Inv Trust
  SDL
  Shaftesbury
FTSE100 Shire Plc
  Smith (DS)
FTSE100 Smiths Group
  Soco International
  Spectris
  Sports Direct International
FTSE100 SSE
  Stagecoach Group
  Stobart Group Ltd.
  SVG Capital
  Synergy Health
  TalkTalk Telecom Group 
  Taylor Wimpey
  Ted Baker
  Telecity Group
  Temple Bar Inv Trust
  Templeton Emerging Markets Inv T..
  TR Property Inv Trust
  Travis Perkins
FTSE100 TUI Travel
  Tullett Prebon
  UBM
  UK Commercial Property Trust
  Ultra Electronics Holdings
FTSE100 Unilever
  Unite Group
  United Drug
  Utilico Emerging Markets Ltd (DI)
FTSE100 Vedanta Resources
  Vesuvius
  Victrex
FTSE100 Weir Group
  Wetherspoon (J.D.)
FTSE100 Whitbread
  William Hill
  Witan Inv Trust
FTSE100 Wood Group (John)
  Worldwide Healthcare Trust

To read the Department for Business, Innovation & Skills press release click here


To download the Managing Cashflow Guides click here


For news, views and updates, follow the ICM on Twitter at @ICMorg.


For further press information, please contact:


Sean Feast or Natalie Lane: Gravity Public Relations, 020 7330 8888, email nlane@gravitylondon.com

 
 
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