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South West Payment Practices Report 2024

•By PaymentCheck•Reports

South West Businesses Outpace UK Average for On-Time Payments, But Wide Disparities Persist

The Numbers

  • Companies Analysed: 286
  • Average PaymentCheck Score (South West): 70.7/100
  • Average PaymentCheck Score (UK): 50.0/100
  • South West Advantage: 20.7 points above the UK average

What Stands Out

While the South West performs significantly better than the UK average, the stark contrast between the best and worst payers reveals considerable inconsistencies. The presence of related companies (Kerry Foods and Kerry Ingredients) among the worst payers suggests systemic issues within that particular corporate group.

Best Payers

These companies demonstrate excellent payment practices, consistently paying suppliers on time:

  1. SPIRAX-SARCO OVERSEAS LIMITED - 100/100: A perfect score indicates flawless payment performance.
  2. SANDERSON RECRUITMENT PLC - 99.6/100: Near-perfect, showcasing a commitment to prompt payment.
  3. LONDON & COUNTRY MORTGAGES LIMITED - 98.8/100: Another strong performer in financial services.
  4. THE FIRST FEDERATION TRUST - 98.1/100: High score suggests efficient financial management within this trust.
  5. ALLSTAR BUSINESS SOLUTIONS LIMITED - 97.4/100: Demonstrates reliability in B2B transactions.

Worst Payers

These companies consistently struggle to pay their suppliers promptly, potentially harming smaller businesses:

  1. PRINCESS YACHTS LIMITED - 14.9/100: This seriously low score raises concerns about their financial obligations.
  2. NOV DOWNHOLE EURASIA LIMITED - 15.2/100: Another concerning score, indicating potential payment delays.
  3. DAIRY CONSUMER FOODS (UK) LIMITED - 17.7/100: Suggests internal issues are preventing timely payments.
  4. KERRY FOODS LIMITED - 20.7/100: A very low score, suggesting significant delays in supplier payments.
  5. KERRY INGREDIENTS (UK) LIMITED - 20.85/100: Almost identical to Kerry Foods, pointing to a systemic problem within the parent company.

Sector Breakdown

Several sectors in the South West demonstrate notably strong payment performance:

  • Human Resources: 93.6 avg (6 companies): The highest-performing sector, indicating efficient financial practices.
  • Primary Care: 89.0 avg (4 companies): Suggests healthcare providers prioritize timely payments.
  • Supply Chain: 88.6 avg (2 companies): Although with a small sample size, shows potential for timely payments.
  • Professional Services: 88.4 avg (6 companies): Solid performance reflecting good business relationships.
  • Software: 84.8 avg (4 companies): Consistent on-time payments reflecting strong financial health.

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Despite the South West boasting an average PaymentCheck score 20.7 points higher than the UK average, the bottom payers, like Princess Yachts with a score of just 14.9/100, highlight the need for improved payment practices across the board.