World News

Industry news and insights from Europe and around the World

UK News

Latest news and developments in the United Kingdom

Products

Keep up-to-date with the latest new products and technology

Features

General articles, applications and industry analysis

BESA reminds contractors of payment pledges

UK: The Building Engineering Services Association (BESA) has reminded main contractors who have signed up to the Prompt Payment Code to pay suppliers fully and on time.

The government’s reformed Prompt Payment Code (PPC) came into force on July 1. Signatories to the code must now pay 95% of invoices received from businesses with fewer than 50 employees within 30 days or risk being barred from public sector projects. Previously the allowed period was 60 days and, in addition, senior directors are now required to personally sign the Code and take responsibility for payment practices throughout their organisations.

They must also formally acknowledge that suppliers are entitled to charge interest on invoices paid late.

According to BESA, no PPC signatories were suspended from the Code during the coronavirus pandemic, but the Cabinet Office has promised to step up enforcement.

“Late payment starves companies of working capital when they need to be investing in skills and technology,” said BESA’s director of legal and commercial Debbie Petford. “It also raises stress levels in an industry, which has been dogged by serious mental health problems for years.”

“Wilfully delaying payment to fund your own cash flow is dishonest and immoral. It is even more deplorable at a time when many small firms are fighting for their lives,” added Petford.

Latest News

20th July 2024

Munters set to acquire Geoclima

SWEDEN/ITALY: Pioneering Italian chiller manufacturer Geoclima is set to be acquired by Swedish air treatment and climate solutions company Munters. 
19th July 2024

Bank to retrofit 62% of branches to heat pumps

CANADA: The Royal Bank of Canada (RBC) has announced a multi-million-dollar retrofit of its branches in Canada to low-carbon heating and cooling systems such as heat pumps.
19th July 2024

Madrid installs cool bus shelters

SPAIN: Madrid’s municipal bus company EMT has installed bus shelters with in-built cooling systems at two locations in the city. 
19th July 2024

Beijer Ref reports record profit in Q2

SWEDEN: Wholesaler Beijer Ref has revealed Q2 as its best ever quarter, with sales of SEK9,681m (€835m) and record profitability.
18th July 2024

Climate committee calls for action on heat pumps

UK: A UK government advisory body has backed calls to make electricity cheaper by removing policy costs from electricity prices. 
18th July 2024

Customs block quota-busting F-gas shipment

ITALY: An unnamed “specialised” company from the Piedmont region of northwest Italy faces a fine of up to €150,000 for exceeding its F-gas import quota.