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news opinion
Late payments continue to be a drag on the forward momentum that the economy is experiencing in the south. Many companies, particularly smaller ones, are being prevented from investing in people and processes because other businesses, usually larger ones, are hanging onto their money
Indeed, SMEs are said to be owed nearly £34 billion in late payments. Recently, an all-party inquiry heard desperate stories from small companies that were being “hung out to dry“ by their clients who were using their muscle to renege on pre-agreed payment terms.
The inquiry is due to publish recommendations this summer. But whether a group of MPs will have the firepower to insist that things change is a moot point.
Organisations like the Federation of Small Businesses have campaigned for years for a tougher line to be taken on the late payers. And, of course, legislation already exists. In 1998, the Government gave businesses a statutory right to claim interest from other businesses for the late payment of commercial debt.
The problem is: how many companies would risk losing a key client by imposing such interest charges? The client would simply refuse to pay, and threaten to walk away.
If you have a public sector client, it is expected to pay within the default period of 30 days. Payment terms must not exceed 60 days unless both parties have agreed such an extension.
In the private sector, it‘s a free-for- all. In one year alone, more than 4,000 UK businesses fail as a direct consequence of late payment. It‘s a cultural attitude that needs to change.
David Murray Publisher
www.businessmag.co.uk
Enterprise Zone college gets the green light
Moves to provide hundreds of training posts and jobs in South Hampshire have taken a major step forward as plans to build a £12 million college facility and improved road links at the Solent Enterprise Zone at Daedalus were given the green light by planning councillors.
Fareham Borough Council has approved Fareham College‘s planning application for a new centre of excellence for engineering, manufacturing and advanced skills training to be based at the entrance to the Enterprise Zone.
Solent Local Enterprise Partnership (Solent LEP) has welcomed the decision as “a huge boost for the Solent Enterprise Zone“.
Gary Jeffries, director of Solent LEP, which is responsible for delivering the Enterprise Zone, said: “This is great news for young people in Gosport and Fareham and for businesses, the community and the local economy as a whole. By the summer, work will start on both a new main gateway to the Enterprise Zone and on the new centre, and it‘s exciting to think that in just over a year, the new centre will be up and running and welcoming students.“
Providing courses for around 900 students per year, the state-of- the-art facility will meet a vital training need for local employers in the Enterprise Zone and across Fareham and Gosport.
The flagship centre is expected to create and safeguard 135 temporary jobs during construction, which is due to start in the summer, and a further 150 permanent jobs on site when it opens in September 2014.
As well as approving plans for the college building, councillors have given the go-ahead to proposals for a new access point to the Enterprise Zone. The new access point will add a fourth arm to the junction of Broom Way and Cherque Way, and provide much- improved access to the Zone.
Kevin Bourner, HCA head of area, said: “The new access will support the training centre and development across the entire site. Today‘s decision enables us to take real action on the ground that will, as part of the long-term development of the Enterprise Zone, bring more jobs, opportunities and investment to the area and provide a significant boost to the local economy.“
Peter Marsh, deputy principal of Fareham College, said: “With an impressive glazed frontage, a dynamic floating roof and the use of zinc and metallic cladding the design reflects the engineering focus of the Enterprise Zone; we are delighted that our plans have been approved.“
Executive leader of Fareham Borough Council and chairman of the Partnership for Urban South Hampshire (PUSH), councillor Seán Woodward said: “The local economy desperately needs people well qualified in advanced
engineering, most particularly in aerospace and marine. This proposal accords absolutely with the aims of Fareham Borough Council and PUSH for the Solent Enterprise Zone.“
Fareham College‘s 4,000 sq m building will be predominantly single storey. It will house specialist and general teaching areas including workshops and laboratories, a learning resource centre, conference facilities, staff area and cafe.
In addition, there will be a parking area with 140 car parking spaces, 15 motorcycle spaces and cycle provision for 60 cycles. There will be a drop-off area and mini-bus parking space, external stores and compressor, landscaping provision and a leisure and sports enclosure.
Fareham College is currently planning new ways of connecting local employers with students and apprentices who are looking for work.
Details:
www.solentez.co.uk
In the September issue of The Business Magazine
• Mergers & Acquisitions • Focus on M27 & Southampton
• Sustainability • Dining & Your Business • Technology: Social networks
Details: 0118-9766410
sales@elcot.co.uk
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – JULY/AUGUST 2013
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