NOVUS COLLECTS TROPHY AT WEMBLEY

  31 MAY, 2019
NOVUS COLLECTS TROPHY AT WEMBLEY

Manchester City weren’t the only ones to return from Wembley with a trophy last week, with the Novus Big Five – our flagship 2018 charity project – being named winner of the National Building Award for community engagement at the iconic stadium on 22nd May.

Hosted at Wembley, the National Building Awards celebrate industrious, hardworking and enterprising construction businesses across the country. We were one of four finalists in the community engagement category, with judges commending our clear commitment to CSR on an ongoing basis at all levels of the business.

The Big Five campaign was a milestone initiative conceived to celebrate our fifth anniversary by giving something back to the communities we work in.  The campaign saw us canvas nominations for worthy projects in five locations across the UK, which each benefited from a £20,000 refurbishment project.

The project united our entire business towards a single CSR goal with projects selected to meet our corporate social responsibility (CSR) goal of helping to change lives.

The award win is further evidence that our initiatives are some the best, most engaging and transformative in the sector.

Each refurbishment project was chosen by our own team of judges and included refurbishments to a maternity ward, a house for a homeless person, two community centres and a rehabilitation centre for military veterans.

You can read more about each of the projects here

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payment practices, contractors

DELIVERING ON OUR COMMITMENT TO IMPROVE PAYMENT PRACTICES

Ahead of the filing of our latest payment practice statistics, Neil Washington, our finance director, provides a breakdown of our results. Late payments are a thorn in the side of smaller firms in the construction supply chain. That’s why we have placed an ongoing focus on doing all we can to reduce the time we take to pay our suppliers. Quite rightly, the issue has attracted negative headlines in the construction industry and large companies are now required to report on their payment practices every six months. So, with the deadline for businesses to file their latest available data falling this week, some may be nervous about what the statistics will reveal. Here at Novus, however, we’re happy to report that our commitment to reducing payment times is continuing to bear fruit. The data for the first half of the year shows that we took an average of 29 days to pay our subcontractors. This is an improvement on the already high standard we set ourselves for the same period last year, which was 30 days. To put this in context, according to Construction News’ latest analysis of payment-practice reports, the industry’s largest contractors took an average of 43 days to pay suppliers. It’s not just there where we’ve continued to make improvements. We also now pay 57% of our invoices within 30 days, up from 52% for the first half of 2018, while the proportion of payments outside of terms are down year-on-year. Of course, our work doesn’t stop here and we will continue to focus on this issue. Contractors and their supply chains are dependent on each other’s success. Prompt payment means that subcontractors can maintain healthy cashflow levels, increasing the likelihood of them accepting more work and consistently carrying out quality jobs. Late payment can also have a massive impact on cashflow, increasing the likelihood of insolvency. At a time of skills shortages, reduced access to labour and economic uncertainty, it’s vital that bigger players in the industry are doing all they can to ease the burden smaller firms face.