Good Business Pays identified 110 serial late paying companies have been paying late every year since 2018, when statutory payment reporting was introduced – 55 are manufacturing companies
Between March-August 2023, 13% of large companies reported paying more than 50% of their invoices late
However, amongst the late payers, there has been a steep increase (68% to 86%) in companies paying over 70% of invoices late
Compared to 2022, there is a 10% increase in companies reporting average payment times of over 80 days
In February 2023, Good Business Pays published the first version of our Late & Slow Watchlist to provide a list of companies who are reporting the worst payment performance figures as part of the Government’s Payment Practices & Performance Regulations. At that time, Good Business Pays committed to providing an updated list every six months.
Analysing data from the 2,300 companies that reported payment performance between March 1st and August 31st 2023, Good Business Pays identified:
The Late Payers: Who report paying more than 50% of their invoices later than agreed terms and report taking more than 50 days to pay their invoices.
The Slow Payers: Who report an average time to pay of more than 80 days.
Serial Late Payers: Who have reported late payment every year since reporting began in 2018 demonstrating the culture of late and slow payment is engrained.