We've been announced as National Business Awards finalists

  25 JULY, 2017
We've been announced as National Business Awards finalists

We have been shortlisted for The Lloyds Bank Positive Social Impact Award for the 2017 Lloyds Bank National Business Awards.

Our chairman Stuart Seddon said: “At Novus, we work hard to have a positive impact on our employees’ lives and on the communities in which we work, so it is very satisfying to have this work acknowledged by such a prestigious awards body.  Being shortlisted in the National Business Awards is an achievement in itself and we’re very proud to be named as a finalist.”

The finalists were chosen from the hundreds of businesses that entered or were nominated across 18 award categories. They will now prepare for live presentations to an expert judging panel who will decide the overall winners.

Continuing the celebration of Best of British Ambition, this year’s prestigious award ceremony will take place on Tuesday 14th November 2017, at the Grosvenor House, Park Lane, where the winners will be revealed. 

Conor McGinn MP recently hosted a reception for the Lloyds Bank National Business Awards at the House of Commons. This enabled finalists to meet fellow entrants, the National Business Awards Advisory Board members, judges (who they will present to in September) and sponsors of each category.

Tom Broughton, Group Brand Director of the Lloyds Bank National Business Awards said: “Given the economic uncertainty over the past year, it is inspiring more than ever to see British businesses prosper. Through a thorough and comprehensive judging process, this year’s selected finalists demonstrate exceptional quality and diversity across a range of business sectors within the UK. We are now looking forward to the next step of the process and meeting some of the finalists face-to-face.”

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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.