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The Staffordshire-based bathroom manufacturer Bristan, which has been the target of negative publicity for increasing its payment terms by 60 days, has now relented.
The Forum of Private Business put the company into its online 'hall of shame' after it was given evidence to show that the manufacturer's supplier payment times had been increased from 30 days to 90 in 2011.
Now, Bristan has subscribed to the Institute of Credit Management's Prompt Payment Code, which demands a number of pledges from its signatories. These include paying suppliers on time within the terms agreed at the outset of the contract; giving guidance to suppliers and ensuring there is a system for dealing with complaints; and encouraging good practice by requesting lead suppliers encourage adoption of the code throughout their own supply chain.
Said the forum's senior policy adviser Alex Jackman: "We welcome Bristan's move to join the Prompt Payment Code, which means they've taken seriously the negative publicity their actions prompted in the media.
"We are, however, disappointed that Bristan are still paying under the revised terms and conditions and not the original 30-day payment contract many of their suppliers originally enjoyed."
Bristan CFO Lance Gillett commented: "Bristan Group has always upheld a policy of paying our suppliers on time against our agreed negotiated terms. So, we were happy to join and support the Prompt Payment Code after hearing about it in a letter from the Forum of Private Business." Following its acceptance to the Prompt Payment Code, the Forum of Private Business has removed Bristan from its Hall of Shame.