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Good Business Pays today announced the appointment of Philip King as Non-Executive Director.
Founded in 2021, Good Business Pays campaigns to encourage large businesses to adopt fast payment processes. It is now supported by financial behemoths that include Mastercard, Barclays and Previse, as well as the Federation of Small Business, CBI, Institute of Directors, Make UK and the British Chambers of Commerce.
In a career spanning more than 40 years Philip King relentlessly championed the cause of small businesses as Interim Small Business Commissioner and Chief Executive of the Chartered Institute of Management (CICM). He has served as a board member for the Start-Up Loans Company, and was a Red Tape Champion for Insolvency. He is the author of the ‘Managing Cashflow Guides’ and architect of the Prompt Payment Code for the Department of Business, Energy, and Industrial Strategy (BEIS). He has worked closely with successive governments to champion best-practice credit management, tackling late payment, and supporting small business.
Commenting on Philip’s appointment, Terry Corby CEO and Founder of Good Business Pays said: “Philip’s vast experience in business and advising government on improving payment practices will bring a wealth of knowledge to us and help us understand the best ways to accelerate Good Business Pays’ ability to exert pressure on late and slow paying companies. These poor practices put small businesses in jeopardy, particularly now as SMEs face unprecedented challenges from the cost-of-living crisis.”
Philip King said: “Late payment must be recognised for the damage that it causes to small businesses and the UK economy. I am delighted to join the Board of Good Business Pays to support the campaign’s efforts to drive the culture change that is so desperately needed. After a long career in the private sector and advising government, the issue remains a personal and professional passion.”
Good Business Pays reported the names of more than 70 of the slowest and latest paying companies on 14 February 2023. Analysing data from over 5,000 companies from BEIS data, it revealed UK companiesand sectors which take more than three months to pay suppliers.