Sisk leads the way in tackling late payments in the construction sector

John Sisk and Son is leading the way on payment practices in the construction sector becoming the largest construction business to receive a Fair Payment Code Award.

Through the UK Government backed Fair Payment Code, overseen by the Small Business Commissioner, Sisk has proven their commitment to suppliers throughout their supply chain by changing the way they do business to ensure at minimum of 95% of invoices get paid in 60 days and at least 95% of invoices to small businesses are paid within 30 days.

To be awarded by the Fair Payment Code businesses must provide not only evidence of their payment data but also their payment practices as they commit to the Code’s principles of being Clear, Fair and Collaborative with their suppliers. 

Meeting the requirements of the Fair Payment Code is not easy. Sisk has worked at all levels of the business to ensure processes are set up to pay invoices as promptly as possible. This award demonstrates Sisk’s leadership in construction as a fair payer – meaning their suppliers know what to expect.

Healthy cash flow is critical for business survival and growth. Late payments and long payment times disrupt the cash flow cycle and can prevent a business from paying its bills, potentially resulting in business failure.

Christina Wilson, Finance Director, Construction Services at Sisk

“John Sisk & Son Ltd have made huge efforts over the last 5 years to improve our payment practices, and the award reflects the hard work put in by our staff.  At Sisk, we are proud to be able to achieve silver status under the Fair Payment Code and hope that it lets our supply chain know that we are committed to ensuring that they are paid fairly and on time.”

Liz Barclay, Small Business Commissioner said:

“We know that overdue payments and long contractual payment terms cost the UK economy. Sisk has stepped up and shown that with committed leadership businesses of all sizes can transform the way they pay. Embedding a culture of fair payment practices in your business is good for your own bottom line as well as for the economy, communities and wider society. Everyone benefits when suppliers are paid quickly and fairly.”