Greggs bakery has been appointed to a new advisory board, designed to help strengthen the official code for businesses to follow when dealing with suppliers.
The food-to-go retailer will offer advice on the Prompt Payment Code - guidelines to ensure suppliers are paid on time and fairly - and was selected as it was deemed to have a good reputation on payment practices.
Richard Hutton, finance director of Greggs said: “Giving our suppliers certainty of payment helps them to invest with confidence, and a strong supplier base is crucial to our business. We’re happy to support further development of the Prompt Payment Code, which has become the accepted norm for responsible businesses."
Business Minister Matthew Hancock said: “Late payment continues to plague businesses, putting a strain on cash flow and preventing plans for growth. We have committed to tackling this problem, but there is no silver bullet.
“This is about a change in culture, which needs businesses and government to work together. The new advisory board will strengthen the Prompt Payment Code, cracking down on poor practice and showcasing good practice.”
Joining the high street bakery on the board are companies such as Aviva and Barclays.
The board will be tasked with improving the monitoring and enforcement of the code, promoting awareness of it and providing advice on whether there is a need to update the document.
It is supported by more than 1,700 businesses and public authorities.