Late payment 'Hall of Shame' entries 2006
BHS
BHS decided in July 2006 that they would increase their already considerable demands on their suppliers. Payment terms were doubled from 30 to 60 days, meanwhile an additional 1% discount would be taken moving their discount rate up to a whopping 11.25%!
 
GLS Education Supplies
No need to teach this firm a thing or two about squeezing suppliers. In July 2006 payment terms were increased to 45 days from the end of the month of invoice and a 2.5% discount introduced. To ‘help with the selection process' in the next year suppliers were told there would be no price escalation in the next 12 months.
 
Kleeneze
Kleeneze wrote to suppliers in April 2006 to make sure that they had under a month's notice of changes to their payment terms. Thank you Kleeneze for your considerate approach! Payment terms were extended to 60 days, for those who wanted to be paid sooner Kleeneze were more than happy cough up the cash as long as a discount, which they would dictate, was taken from the invoice.
 
B&Q
In January 2006 B&Q decided that they would place two increased delays in payment on their suppliers over the next two years. Initially it would rise to an average of 70 days in 2006 and an average of 90 days in 2007.