HS2 orders Tier 1s to speed up payments

Aaron Morby 4 years ago
Share

HS2 is speeding up cash flow to all contractors by processing approved payments as soon as funds are available rather than on contracted terms.

HS2 supports the construction industry through faster payments to all tiers of its supply chain
HS2 supports the construction industry through faster payments to all tiers of its supply chain

It has also written to all of its Tier 1 contractors requiring faster payments are mirrored through all tiers of the supply chain during the pandemic.

HS2’s Commercial and Procurement Director, David Poole, said he aimed to provide reassurance to firms working on the project and ensure that stability remains within the HS2 supply chain.

Poole said: “As we emerge from the pandemic, HS2 will play a crucial role in the recovery of the UK economy and provide a much-needed boost to the construction industry and the many jobs that industry supports.

“By taking these steps to speed up supplier payments, and by requiring this to continue throughout the supply chain, businesses large or small within the whole HS2 supply chain can feel confident they will be supported by HS2 Ltd.”

HS2 contractors now have the go-ahead to start building provided they can maintain Public Health England (PHE) and industry guidelines.

Over the course of phase one, an estimated 400,000 supply chain contract opportunities will be created for UK businesses.

Last week, HS2 launched the procurement of track contracts, and at the end of April began the search for stations lifts and escalators suppliers.

Despite some disruption to regular business practices as a result of the pandemic, HS2 has continued to engage with the business community, participating in online supply chain engagement events organised through industry bodies.

 

Latest news

Early bond release key to averting industry surety crisis

Contractors must put pressure on clients to release bonds promptly
2 days ago

Over 1000 building safety cladding retrofits completed

25% of safety retrofits finished seven years after Grenfell disaster
2 days ago

Steel import delays make Rangers miss kick-off

Construction work at Ibrox will not be finished by start of next season
3 days ago

Lidl looking for new contractors for store building plans

Sign up for events in Newcastle, Glasgow, Birmingham and Southampton
2 days ago

Utility firm GTC revs up for ground source heat pump era

Contractor and heat pump maker strikes ground-breaking deal
2 days ago

Amey switches kit supplier to Speedy from HSS

New plant and equipment hire deal worth £25m a year
3 days ago

Clients under spotlight after bond bombshell

Contractors call for action to avoid project delays
3 days ago

M&E specialist Lorne Stewart falls into the red

Parent group suffers £2.8m loss in face of cost inflation and insolvencies
3 days ago

Four men rushed to hospital after site accident

Eye-witnesses report a wall was knocked over on Edinburgh site
4 days ago

World’s tallest scissor lift set for UK sites

Hire Safe Solutions partners with Dingli to supply lift with working height of 37 metres
3 days ago

Barhale wins £36m East London sewer remediation

Northern Outfall Sewer in West Ham runs above railway lines in the city
3 days ago

Weston Homes thumbs-up for £220m Essex homes scheme

Colchester 600-home Viridis scheme gains outline consent
3 days ago

Balfour seals £192m deal for trio of Scottish substations

Work to start this summer to enhance electrical transmission in Argyll
4 days ago

Construction bond bombshell as major player quits market

QBE currently provides cover for 20 of the industry's 30 biggest contractors
4 days ago

United Utilities names another 18 winners for £2.7bn water spend

Water giant cuts out large management contractors in latest spending round
5 days ago

Green light for £130m Dundee Eden project

Former gasholder site to be transformed into green house
4 days ago

Four tower scheme in Glasgow gets green light

Go-ahead for major mixed-use scheme at Central Quay
4 days ago

‘Green collar’ construction workers earning £134,000

Cost consultant T&T says insulation and heat pump trades earning £70 an hour in London
4 days ago

£65m Trafford Waters resi blocks approved

X1 Developments plans over 200 homes in 13- and 8-storey blocks
4 days ago

Over 100 firms win £1.5bn ICN housing framework

Great Places Housing Group names key partners for new homes programme
5 days ago

Steelwork firm went down owing £4.5m to suppliers

Subcontractors left holding unpaid invoices from SH Structures
5 days ago

Scottish civils firm to buy stake in piling specialist

Advance Construction in talks for 25% stake in Northern Piling Ltd
5 days ago

RSK secures £500m for fresh acquisitions spree

Acquisitive group aims to buy another 200 businesses by 2030
6 days ago

Beal Homes gets green light for £105m Humber scheme

Work to start on more than 500 homes in North East Lincolnshire
5 days ago

RED wins £20m East London office refurb

Grade II listed Victorian building to be upgraded to Cat A offices
5 days ago

Employee-owned Neilcott staff share £250,000 payout

Employee-owned building contractor sales jump 38% to £139m
6 days ago

Geoffrey Osborne supply chain hit for £26m

More than 500 suppliers and subcontractors left holding unpaid bills
1 week ago

Race for £800m South West Wales framework

Up to 16 firms face fight to renew spots on regional contractors framework
7 days ago

SME contractors agree 4% pay rise for site workers

Workers will also get an extra day of holiday
1 week ago

South East expansion paying off for Meldrum Group

Turnover up to £55m as North East based contractor expands national coverage
6 days ago

Contractor services