Costain has been reinstated to the Prompt Payment Code, having been suspended for slow payment to suppliers in April.
The Chartered Institute of Credit Management, which administers the scheme, said it acknowledged the group’s “real and fast progress” to ensure its suppliers are paid in line with the requirements of the code.
- More contractors suspended from Prompt Payment Code
- Eight construction firms removed or suspended from payment code
A Costain spokesperson said: “Costain was an early signatory to the Prompt Payment Code and we have taken action to ensure we comply.
“We are pleased that the implementation of an improvement plan, which included moving all our suppliers onto payment terms of 45 days or less, increasing the frequency of payments and improving our processes, has been successful in meeting the standard required to achieve reinstatement.”
Philip King, chief executive at the Chartered Institute of Credit Management, said: “Costain has not only been able to demonstrate that its payment performance has reached the required standard, but it is also trending upwards. We are delighted that this has led to their reinstatement on the Prompt Payment Code list.”
