We've been shortlisted for a Construction Enquirer Award

  18 AUGUST, 2017
We've been shortlisted for a Construction Enquirer Award

We’re very proud to announce that we’ve been nominated in this year’s Construction Enquirer Awards.

The Construction Enquirer Awards are designed to recognise the industry’s best companies to work for and the best firms to do business with so we’re thrilled to have made the shortlist for this prestigious accolade.

We have been nominated in the ‘Best Main Contractor To Work For’ category, which reflects our commitment to offering the best training and support to all of our employees as part of our drive to create a happy, motivated workforce.

We’re proud of our fully inclusive approach to training, from supporting our new young apprentices to providing placements for students and offering continued training to existing staff to ensure they reach their full potential.

The winner is decided by public vote online.

Online voting closes on Friday 21st July with the top ten companies in each category revealed the following week.

The winners in each category will be announced at the Construction Enquirer Awards event held at the Vox Conference Centre in Birmingham on Tuesday 10th October during UK Construction Week. 

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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.