Coca-Cola and Bud Light were listed among the slow payers in the United Kingdom. This was revealed by the Good Business Pays: a campaign launched to encourage the U.K.'s largest firms to track their payments to small suppliers.
Coca-Cola, Bud Light Listed Among Slow Payers in UK!
According to Fortune's latest report, the report of Good Business Pays shamed many big retail brands for taking months to pay smaller suppliers.
Good Business Pays revealed that the bottling firm behind Coca-Cola and the Bud Light manufacturer, AB InBev, makes smaller suppliers wait for more than 100 days.
Here's what exact details revealed by the official "THE LATE & THE SLOW PAYMENT WATCHLIST SPRING 2024" report:
- COCA-COLA CCEP GROUP SERVICES LIMITED: May suppliers wait for 110.
- COCA-COLA EUROPACIFIC PARTNERS GREAT BRITAIN LIMITED: Make suppliers wait for 91 days.
- COCA-COLA EUROPACIFIC PARTNERS PLC: Make suppliers wait for 80 days.
- COCA-COLA EUROPACIFIC PARTNERS SERVICES EUROPE LIMITED: Make suppliers wait for 83 days.
- AB INBEV UK LIMITED: Make suppliers wait for 116 days.
Payment Times of 80 Days Increased by 20%!
The Good Business Pays said that the payment times of over 80 days among large companies increased by 20%. It added that this is the largest surge of companies reporting payments being made between 80-90 days.
The campaign also revealed that companies make suppliers wait for over 100 days in the manufacturing sector. The Good Business Pays categorized them into three:
- The Slow Payers: Companies that make smaller suppliers wait for payments for more than 80 days.
- The Late Payers: Firms that pay 50% or more on time. However, the remaining payment takes over 50 days to reflect on the suppliers' end.
- The Serial Late Payers: Companies that have paid late since 2018.
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