FRC Group have signed up to a Government initiative, the Prompt Payment Code which is viewed as the gold standard for payment practices. It means that they pay 95% of small business supplier invoices within 30 days or according to agreed payment terms if less so treat them fairly. They also commit to pay 95% of all invoices (from large and small suppliers) within 60 days.
From their customers’ perspective, it gives them confidence that FRC Group adopt good practice within their supply chain and shows that FRC share the same values as them, as many of their customers are now also signed up to the Code.
Finance Director, Tony Rowan commented:
“As a small but rapidly growing organisation ourselves, we know the importance of receiving timely payment from customers and always try to pay our own suppliers on time, particularly small suppliers. We recognise the important role our suppliers play in enabling us to deliver our services and this partnership approach has contributed significantly to the growth we’ve experienced in recent years. As a result, we are pleased to sign up to the Prompt Payment Code and in doing so, demonstrate the value we place on our suppliers and our commitment to making prompt payment.”
