Wells adopts Prompt Payment Code
Wells Plastics Ltd is pleased to announce that it has signed up to the Small Business Commissioner’s Prompt Payment Code.
This set of principles ensures that small businesses in particular are paid in a timely manner and therefore reducing their financial strain.
“Small businesses are the backbone of our economy and this Government’s Industrial Strategy is building a Britain in which they can continue to thrive. Over the last 5 years the amount owed to smaller businesses in late payment has more than halved but we want to see payment practices improve even further.
The Prompt Payment Code sets the gold standard in payment terms and plays an important role in bringing about a culture change in payment practices.”
Wells Plastics Ltd believes strongly that, with the added stresses and disruptions caused by COVID-19, it is more important than ever to help support small businesses throughout the supply chain.
In addition to this initiative Wells Plastics Ltd has also been actively encouraging its own suppliers to do the same and have been delighted with the positive response.