Kier chief exec defends payment practices

By Will Ing2018-09-20T15:12:00

Firm says it is paying suppliers before it gets paid

Kier’s chief executive Haydn Mursell has defended the firm’s payment terms for suppliers and its continued use of a controversial early payment facility following the firm’s annual results announcement this morning.

In July some contractors were required to report on the length of time it takes them to pay their subcontractors, depending on when they reported their 2018 results.

The disclosures showed that Kier Construction’s average payment term was 54 days, with 34% of suppliers only being paid after 61 or more days – a higher percentage than any other top 10 contractor which reported.

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