Northamptonshire Business Network NNBN awarded gold for fair payment practices

Launched in December 2024, the Fair Payment Code is managed by the Office of the Small Business Commissioner on behalf of the Department for Business and Trade.

The tiered system awards best practice in payment performance with gold awardees paying at least 95 per cent of all invoices within 30 days – and agree to abide by the code’s principles of being clear, fair and collaborative with their suppliers.

Simon Cox, managing director of NNBN Ltd said: “By paying on time, we have stronger relationships with our suppliers and those we work with. We set out on our business journey to ensure suppliers are paid within terms and often on order and work within our cashflow meaning we have ethical business practices in place for when it comes to payment and cashflow.”

NNBN, now entering their fourth year of trading, is keen to ensure others are aware of the Fair Payment Code and follow their lead when it comes to payment practices.

Mr Cox and NNBN applied for the code not only to support the work of the Office of the Small Business Commissioner in promoting fair payment practices, but to also to demonstrate their leadership in payment practices.

He said: “As a micro business, NNBN understands the importance of cashflow and being paid on time and given that they are all about Northamptonshire, and is keen to ensure others in the county are aware of the FPC.

“Healthy cash flow is critical for small business survival and growth. Late and long payment times disrupt the cash flow cycle and can prevent a business from paying its bills, eventually leading to business failure. In 2023 15 per cent of small businesses and medium sized enterprises cited cash flow and late payments as an obstacle to running their businesses.”

Small Business Commissioner, Liz Barclay added: “Congratulations to NNBN Ltd on their Gold Fair Payment Code Award. Everyone benefits when suppliers are paid quickly and fairly, and thrive, and embedding a culture of fair payment practices in your business is good for your own bottom line as well as for the economy, communities and wider society.”

For more information about the Fair Payment Code please see https://www.smallbusinesscommissioner.gov.uk/fpc/ or contact [email protected].

To get in touch with NNBN please contact Simon Cox at: [email protected].