Wednesday 1st July, 2020
Anglo American Services (UK) Ltd part of leading global mining company Anglo American Group has been reinstated to the Prompt Payment Code following an overhaul of its accounting processes, implementing a centralised invoice receipting system and an effective query management process.
It’s swift and precise action to improve payment practices to its supply chain has seen an improvement from 63% of invoices being paid in 60 days or less in January, to 93% of invoices being paid within 60 days or less during the last quarter’s reporting period. Anglo American Services (UK) Ltd is confident that its new measures will be reflected in achieving 95% within the next reporting period. According to the Small Business Commissioner’s Office.
Interim Small Business Commissioner, Philip King said: “We have seen the COVID-19 crisis place extraordinary pressure on the cashflow of businesses and I commend the actions that Anglo American Services (UK) Ltd has taken to radically improve its payment performance. It is encouraging to see that an increasing number of suspended signatories are now adhering to the requirements of the Code and being reinstated.
“I will continue to challenge those signatories if the obligatory Payment Practice Reporting data, or a specific challenge from a representative body or supplier, suggests that their practices are not compliant with the Code. It has been encouraging to see an increasing number of businesses signing up to the Code since the pandemic and the importance companies place on being signatories to the Code. I welcome other businesses to become signatories and help change the culture of late payments which will stimulate the economic recovery of the UK and its businesses.”