Catering facility design and build firms and distributors are likely to welcome news that construction contractors are speeding up invoice payments.
Construction industry representative organisation Build UK reported this acceleration in its latest sector payment performance table.
The trade body detailed that its contractor members reported an average of 35 days to pay invoices, down from 45 days when the Build UK table was first published in July 2018.
On average, the contractors now pay 93% of invoices within 60 days, which is up from 82% in 2018. Likewise 79% of invoices are paid within terms, rising from 61% in 2018.
Major contractor names reporting their payment performance included: Skanska, Morgan Sindall, Willmot Dixon, Galliford Try, Sir Robert McAlpine, Laing O’Rourke, Kier and Balfour Beatty.
Catering design houses often work in close cooperation with building contractors on newbuild kitchen projects, and are a vital part of the supply chain.