New research by Good Business Pays shows that more than £8.75 billion of invoices were paid late by companies in the last six months.

Research, based solely on information published by companies under the UK Government’s Payment Practices and Performance reporting requirements, reveals a persistent problem of late payment, with hundreds of large businesses continuing to take extended periods to pay suppliers.

For the first time, changes to the reporting regime mean companies must disclose not only the proportion of invoices paid late, but also the monetary value of those late payments. Analysis of companies’ own publicly reported data for the six months June-December 2025 shows that more than £8.75 billion of invoices were paid late by companies on this list. Of that total, over £5 billion related to invoices where companies reported no dispute.

While the overall number of late and slow payers has fallen compared with last year, a significant core of companies still report paying the majority of their invoices late and, in some cases, taking more than 100 days on average to settle bills.

Serial late payers

The number of companies reporting average payment times of more than 50 days and paying over half of their invoices late has fallen by around 16% year-on-year, from 223 companies in February 2026, compared with 263 in February 2025.

• City Plumbing Supplies Holdings Limited report paying over £1bn of undisputed invoices late, with 90% of invoices paid late. The firm has appeared four times on the watchlist since records began in 2023

• Travis Perkins Trading Company, which only a few months ago notified suppliers of extended payment terms, has reported paying more than £791m in undisputed invoices late. In total, 58% of its invoices were paid late, and the company has appeared on the watchlist six times

• Baxi Heating has appeared on the watchlist six times since records began and reports paying 96% of invoices late, with £101m of undisputed invoices paid late

• Red Bull reports paying 85% of invoices late, with £292m of undisputed invoices paid late, and appearing in the watchlist four times

Slow payers

Companies which have reported an average time to pay suppliers of more than 80 days are seen as slow payers. 29 companies now report taking 100 days or more on average to pay suppliers, up from 27 companies in February 2025.

• Onshore wind specialists, Vestas Celtic Wind Technology was the slowest payer in this period, reporting an averaging 135 days

• Three companies within the Reckitt Benckiser group reported payment times of 119 days for Reckitt Benckiser UK, 125 days for Reckitt Benckiser Healthcare UK and 124 days for Reckitt Benckiser Healthcare International

• Manufacturers of Budweiser and Stella Artois, AB InBev UK, reported taking 116 days to settle invoices, appearing for the sixth time on the slow payment list

• Largest steelmaker in the UK, Tata Steel UK, reported taking 105 days to pay suppliers

Small businesses are a growth engine for the UK economy, employing 61% of the private sector workforce (16.8 million) and generating 52% of turnover. Yet according to official government figures, 38 small businesses go out of business each day due to cash flow problems caused by late payments.

Commenting on the findings, Terry Corby, CEO of Good Business Pays, said: “While the overall number of late and slow payers has fallen compared with last year, the scale of late payment remains severe, with companies reporting more than £8.75 billion of invoices paid late in just six months. Imagine that kind of money flowing into the economy instead of being stuck. A core group of large companies continues to demonstrate persistently poor payment behaviour, suggesting that for many suppliers the late payment crisis is entrenched rather than resolved.

The reduction in the number of companies meeting our Late and Slow Payer definitions is a welcome sign of progress and reflects improvements in reporting compliance and transparency. However, the data also shows that 83 companies are still taking more than 80 days on average to pay suppliers, while 29 companies now report average payment times of 100 days or more. At the same time, 122 companies continue to pay at least 70% of their invoices late, underlining the extent to which late payment remains normalised among a significant minority of large businesses.

Greater enforcement by the Department for Business & Trade has increased visibility of payment practices, but transparency alone is not enough. Until persistent late and slow payers face meaningful accountability and consequences, many suppliers will continue to bear the financial strain of poor payment culture within the UK’s largest companies.”

Tina McKenzie, Policy Chair of the Federation of Small Businesses, added:

"Exposing poor payment behaviour is a good way to tackle repeat offending and helps small firms see who they're dealing with before agreeing to work. FSB is a founding partner of Good Business Pays, helping to set it up to shine a light on payment behaviour, and it’s vital this work continues.

FSB's Small Business Index (SBI) shows that more than half of small firms have faced late payment in every quarter since tracking began. That evidence is why the Government has agreed to changes FSB has been calling for - including audit committee oversight of payment practices, a 60-day payment cap and stronger enforcement powers for the Small Business Commissioner.

Those commitments now need to be written in the King's Speech, so practices that have persisted for years are finally brought to an end."

The Late & Slow Payment Watchlist is published by Good Business Pays every six months and highlights large companies and Limited Liability Partnerships (LLPs) with the poorest payment performance. The 2026 Spring Watchlist analysed over 5,000 companies’ payment performance between June 1, 2025, and January 1, 2026.

Backed by the Federation of Small Businesses, British Chambers of Commerce, CBI, IoD, and manufacturers group Make UK, the Good Business Pays movement was launched in May 2021 to encourage the UK's largest companies to speed up payments to small suppliers, helping them bounce back and inject vital capital into the economy.

To access the full Late and Slow Payment Watchlist Spring 2026, visit: goodbusinesspays.com/the-late-the-slow-payment-watchlist-spring-2026

-ENDS-

Notes to Editors

1. https://www.gov.uk/government/news/time-to-pay-up-toughest-crackdown-on-late-payments-in-a-generation-unveiled-in-plan-to-back-small-businesses#:~:text=Government to tackle late payments,entrepreneurs and small business owners

Methodology:

This analysis is based solely on information published by companies under the UK Government’s Payment Practices and Performance reporting requirements. The rankings reflect companies’ own reported averages and percentages for the relevant reporting periods. Inclusion in this list does not imply illegality or breach of contract but indicates the payment outcomes companies themselves have disclosed. Information can be found here: www.gov.uk/check-when-businesses-pay-invoices.

About Good Business Pays:

The Good Business Pays Community Interest Company launched its campaign on 14th May 2021 to encourage the UK's largest companies to fast-track payments to small suppliers, helping them bounce back from the COVID-19 pandemic and injecting vital capital into the economy.

For more information, visit goodbusinesspays.com

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