Larger firms in Peterborough urged to sign up to #PayFair campaign
Concerns have been voiced that large companies are failing to back Peterborough's #PayFair campaign.
Scores of smaller firms have signed up to #PayFair in just three months.
But organisers say Peterborough’s larger businesses have yet to show their support.
#PayFair urges firms to make a public pledge to pay each other on time.
Firms are encouraged to say why late payment can be an issue for companies.
One #PayFair supporter, employing 15 people, said: “It’s surprising how many of the larger companies in Peterborough are bad payers.
“When you’re owed several thousand pounds over a long period, it can have a serious knock-on effect.”
John Bridge, chief executive of Cambridgeshire Chambers of Commerce, said: “Companies, particularly larger ones, that abuse their position and extend payment terms to benefit their own financial position can have a detrimental impact on the smaller businesses within their supply chain.”
Maurice Power, managing director of Peterborough-based Ferguson Financial Solicitors who set up #PayFair, said: “It’s interesting that not many of the bigger names in the city have signed up and they are the key to making this work.
“If we all respect one another’s terms, business in the city will thrive.”
Businesses can sign up to PayFair at www.payfairpbo.com