Balfour Beatty works with c.6,500 supply chain partners across the UK, processing around 445,000 invoices every year.
As a trusted market leader and signatory of the UK Prompt Payment Code, we are committed to paying our supply chain partners on time to mutually agreed terms. Our latest submission for the six months to 31 December 2022 shows we paid 96% of all invoices within a maximum of 60 days, exceeding the UK Prompt Payment Code requirement of 95%. In respect of the additional requirement recently introduced by the UK Prompt Payment Code to pay businesses with less than 50 employees within 30 days, we paid 77% of invoices received from such businesses within 30 days in the six months to 31 December 2022.
We continue to invest in our processes to standardise our payment approach and enhance our accuracy and transparency through the implementation of enabling technologies and systems such as DocuSign, ConstructionLine, Jaegger and Tradex.
For more information on our processes for paying supply chain partners, please visit our Supply Chain Partner Payment page.