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5 months ago by Sophie Rooney

Meridian Business Support Receives Good Business Pays 'Fast Payer Award'

Derek Award 2

●       The award recognises Meridian Business Support for the way they support small suppliers by paying at least 95 per cent of their invoices on time and within 30 days or less, consistently over the last 12 months.

In a great start to the year, Meridian Business Support has been awarded the Good Business Pays ‘Fast Payer Award’, which recognises large companies that have demonstrated excellent payment practice to their suppliers over the past year. Meridian Business Support is an award-winning recruitment agency that operates in multiple specialist markets throughout the UK. We specialise in temporary, permanent and contract recruitment across four key sectors, Built Environment, Health, Office & Professional and Industrial.

Analysis of the latest information submitted under the Duty to Report Regulation, shows that Meridian Business Support joins the likes of United Utilities Water, Aviva and Severn Trent Water who were the first to receive the award in October 2021 in paying invoices within a fast timescale.

The Good Business Pays ‘Fast Payer Award’ was established in 2021 to recognise businesses that pay at least 95% of their invoices on time and within 30 days or less - in line with the government’s guidelines in the Prompt Payment Code - consistently over the last 12 months.

Jeanette Barrowcliffe, Finance Director at Meridian Business Support, commented: “We are delighted to have been awarded the ‘Fast Payer Award’ from Good Business Pays. This is a huge compliment to the Finance team at Meridian Business Support, who are making sure payments are made on time, ensuring our suppliers are looked after. They are a credit to the company.” The Good Business Pays campaign is calling on business leaders to speed up their payments and re-evaluate their standard terms to ensure smaller suppliers are paid when they need it the most.

Terry Corby, Chair of the Good Business Pays campaign commented: “I’m delighted to be awarding Meridian Business Support with the Good Business Pays Fast Payer award. The award recognises the big businesses that are supporting their small suppliers by making responsible payment practises a business priority.

“Unfortunately, there is still a way to go to make faster payments standard practice. We’d like business leaders to take note and start making changes to their payment practises by complying with the Prompt Payment Code, created to help protect small businesses. Paying invoices faster has never been easier with technology enabled systems available, so there really is no excuse.”

Backed by Federation of Small Businesses, the CBI, manufacturers group Make UK, the BCC, IoD and the Creative Industries Federation, the Good Business Pays movement was launched in May 2021 to encourage the UK's largest companies to fast-track payments to small suppliers, helping them bounce back and inject vital capital into the economy.

A study carried out by the Centre for Economics and Business Research (CEBR) in 2021 estimated that if small businesses invoices were paid on the day they were submitted, their revenues would increase by over £40bn per year. This could provide a significant income boost for small businesses, helping them play a stronger role in the UK’s economic recovery.

 

To find out more about the Good Business Pays principles, pledge support for the campaign and explore the CEBR study, visit goodbusinesspays.com.