Henry Boot speeds-up payments to suppliers

Grant Prior 1 year ago
Share

Henry Boot managed to speed-up payments to subcontractors during lockdown to give suppliers a much needed cash flow boost.

Director Ryan O’Loughlin has set a 21 day payment target
Director Ryan O’Loughlin has set a 21 day payment target

The contractor has cut its average payment time to 28 days and during the early pandemic period that fell to just 14 days.

Ryan O’Loughlin, Director at Henry Boot Construction, said: “We are very pleased to report that our supply chain payment terms have improved again this year, reflecting both our commitment and loyalty to ensuring prompt payments to our partners.

“Our average payment terms over are now 28 days and during the critical early stages of the pandemic, many of our partners were paid within 14 days.”

The company has now set a target of reducing average payment time to 21 days compared to an average of 36 days among Build UK main contractor members.

O’Loughlin said: “At the start of this challenging and uncertain period within the industry, Henry Boot Construction made an unprompted offer of early payment on one of our key contracts.

“In turn, we were able to utilise this gesture to make early payments to our own supply chain partners, providing a much-welcomed boost to confidence and financial stability throughout the supply chain.”

The move was much appreciated by subcontractors.

Nigel Pollard, Managing Director, HE Barnes said : “This serves as another great example of why we value Henry Boot Construction as one of our key customers and look forward to continuing to work together to deliver projects to a high standard for our end users.”

Shane Oldroyd, Managing Director, Oldroyd Flooring Limited added: “We have found Henry Boot Construction’s concern for its subcontractors has been nothing short of excellent during the Covid-19 outbreak and subsequent lockdown period.

“Being a relatively small company, forward cashflow was of great concern to us as our regular suppliers were unfortunately on shutdown through the initial lockdown period.”

O’Loughlin added: “Our supply chain is key to the continued success of not just our company, but hundreds of others. It is, therefore, extremely important to us to continue to enhance our payment terms for the benefit of the entire UK construction industry.”

Latest news

Massive Stewart Milne development goes into administration

Countesswells new town now in hands of administrators
11 hours ago

Ex-Laing O’Rourke boss to head rejigged BAM UK business

BAM names new chief for combined UK and Ireland businesses in growth push
17 hours ago

Robertson submits £150m Cardiff Arena plan

Arena work to start next Autumn with wider Atlantic Wharf regen scheme to follow
1 day ago

HS2 pioneers first ‘box-slide’ bridge over motorway

BBV will start initial site preparation over the Christmas holiday period
1 day ago

Rocks smash site huts as quarry blast goes wrong

Breedon Trading Ltd fined £300,000 after court hears worker was forced to run for cover
17 hours ago

Sellafield names £250m HVAC key delivery partners

Balfour Beatty Kilpatrick and EJ Parker Technical Services take first integrated team deal
2 days ago

Cut-price home builds quadruple maintenance cost

Mount Anvil study attempts to quantify link between Capex and Opex costs
18 hours ago

Ray O’Rourke to step down from Group Chief Executive role

New CEO Seamus French to join from mining giant Anglo American
2 days ago

TClarke on track for £500m revenue target

Orders surge to £525m setting fresh record for M&E specialist
2 days ago

Northern contractors still reeling from rail cancellations

Firms fear "economic black hole which will have a huge impact on regional SME contractors"
2 days ago

Go-ahead for McAlpine’s £43m Edinburgh concert hall job

Work to start next year on first concert venue in Edinburgh for over 100 years
2 days ago

Miller Homes fined £200,000 for polluting dyke

Court hears details of second incident at same Huddersfield site
2 days ago

Plans in for £60m Stoke goods yard quarter

Bowmer & Kirkland are working on the scheme under a pre-construction agreement
2 days ago

Quinn Infrastructure goes into administration

Rail M&E specialist contractor stops work on sites
3 days ago

Farrans to build £30m rotating Glasgow footbridge

Steel price rises blamed for 40% jump in rotating bridge cost
3 days ago

Brickability buys renewable energy specialist

Materials distributor buys new housing green energy specialist
3 days ago

RSK swoops for Yorkshire surveying specialist

Infrastructure surveying specialist Centara employs 60 staff
3 days ago

Former Amey director takes reins at renamed SSE Contracting

Zak Houlahan to lead Enerveo from December
3 days ago

Bouygues wins £30m Swansea zero carbon office

Firm to break ground in coming weeks on The Kingsway project
3 days ago

Sisk names new UK framework director

Rebecca Hartshorn to take on Scape framework development
3 days ago

Expanded starts work on giant HS2 station box

Construction will see 690,000 cubic metres of clay removed
4 days ago

Builders slam plans for electric car chargers in all new homes

Construction firms will foot the bill while electricity companies make the profits
4 days ago

Kier set for £32m Bournemouth council flats job

Work to start next year on four blocks of flats rising to 10 storeys
4 days ago

Severfield rises with record orders after strong first half

Orders soar to nearly £400m after Everton stadium award, shed and HS2 wins
4 days ago

Plans in for Manchester Red Bank enabling works

Council plans to spend £51m preparing way for up to 5,500 homes on old railway sidings
4 days ago

Triton bags biggest shed job yet

Firm eyes big shed delivery market after Stakehill 185 wins
4 days ago

Driver crushed between vehicles at builder’s merchant

Company fined £180,000 after court hears banksman had left yard area
4 days ago

£610m finance deal for Moda build-to-rent housing

£1.7bn Moda project pipeline targets Birmingham, Brighton & Hove and London
5 days ago

GMI names head for new North East business

GMI completes build-up of new north east team for regional expansion drive
4 days ago

National Highways halts first Smart motorway job

Balfour Beatty's £140m M3 smart motorway job put on hold
5 days ago

Contractor services