Industrial refrigeration and cooling specialists IRS Ltd are proud to announce they are now an approved signatory of the Prompt Payment Code and fully support its focus on ensuring prompt payment is made to suppliers.
In becoming a code signatory, IRS has pledged to pay
their suppliers on time within the terms and conditions agreed at the outset of
the contract without attempting to change payment terms and agreements. In
addition to this, the company have promised to provide suppliers with clear and
easily accessible guidance on payment procedures as well as advising suppliers
promptly if there is any reason why an invoice will not be paid to the agreed
terms. The code also stipulates that signatories will undertake to pay
suppliers within 60 days and will avoid actions that will adversely affect the
supply chain.
Mark Parsons, Managing Director at IRS Ltd explains why
it is important for IRS to support the Prompt Payment Code. ‘More than 30% of small business have
cashflow difficulties due to late payments. We understand that this can be
destructive to independent businesses who need this money in their banks on
time’. He adds ‘In paying our
suppliers on time, it not only benefits them, but it also supports the UK
economy and has the potential to benefit us too. In some cases, companies who
pay their suppliers on time are rewarded with more favorable pricing and
services which makes them more competitive and attractive to customers.’
The Prompt Payment Code is administered by the Chartered
Institute of Credit Management (CICM) on behalf of the Department for Business,
Energy and Industrial Strategy (BEIS). It currently has more than 1,800
signatories, with each signatory committing to best practice in the fair and
equal treatment of suppliers, many of whom are smaller businesses. Over the
years, IRS has established great working relationships and partnerships with
customers and suppliers alike. The company’s support of the Prompt Payment code
is certain to benefit their suppliers, many of whom are small, UK businesses themselves
and supply IRS with specialist refrigeration and cooling equipment and spare
parts.
For more information
about the company’s support of the Prompt Payment Code, please call Nicola on
01527 577999. Alternatively email info@irs.co.uk for more information.
Posted on 18/07/2017