Simply Asset Finance secures Fair Payment Code Gold Award

• Award underscores Simply’s purpose of championing SMEs and facilitating their growth
• The new Fair Payment Code was launched in December 2024, replaces the Prompt Payment Code

Simply Asset Finance has achieved the Fair Payment Code Gold Award, recognising its high standard of payment practices.

According to research from the Federation of Small Businesses (FSB)¹, around 52% of small- and medium-sized businessesMEs in the UK suffer from overdue payments and poor payment terms in contracts, meaning roughly 2.8 million small firms face this issue. And it is estimated that reducing the volume of poor and slow payments could unlock growth for 5.5 million smaller businesses.

Administered by the Small Business Commissioner on behalf of the Department for Business and Trade (DBT), the Fair Payment Code (FPC) sets standards for payment practices and best practice.  The FPC, which encourages businesses across the UK to pay fairly and quickly, awards businesses based on three thresholds. The Gold Award is awarded to those paying at least 95% of all invoices within 30 days, and around 100 businesses have been awarded a Gold, Silver or Bronze to date.

Mike Randall, CEO of Simply Asset Finance, comments: “The issue of poor payments is one of the biggest challenges facing small- and medium-sized businesses but also one of the most solvable, so it’s unfortunate that awards like the Fair Payment Code are needed to encourage this behaviour. We’ve witnessed firsthand how overdue payments contribute significantly to rising  defaults, forcing many businesses to rely on personal finances and credit cards to survive. This creates undue pressure on business owners and has long-term implications for their success.

“Ensuring quick and fair payment is not just a best practice; it’s a fundamental necessity. It shows respect for customers and supports firms in making critical investments and growing sustainably. This commitment aligns with our core business values: empowering small businesses to thrive and, in turn, drive broader economic growth.

“We take our responsibility seriously and are incredibly proud to have achieved the Gold Award, not just for making the commitment but for living up to it every day. We thoroughly encourage our peers to sign up and support fairer payment practices for all. ”

Liz Barclay, UK Small Business Commissioner comments: “Congratulations to Simply on achieving a Gold Fair Payment Code Award. We accept that getting this award will have been challenging. This is not a Code to which you can simply sign up with good intentions. This is a Code that rewards you for doing what you say you are doing: paying your suppliers fairly with fair contractual payment terms, and quickly, with payments that are within agreed terms, in the case of Simply, all within 30 days. Thank you for all the hard work you have put into the process.”

ENDS

¹Gov.uk, Crack down on late payments in major support package for small businesses

https://www.gov.uk/government/news/crack-down-on-late-payments-in-major-support-package-for-small-businesses#:~:text=FSB%20research%20shows%20that%20every,the%20biggest%20problems%20facing%20SMEs.

Media contact

Teamspirit: simplyassetfinance@teamspirit.co.uk

About Simply Asset Finance

Simply Asset Finance was founded in April 2017 by a team of asset finance specialists, in response to the need for innovation and disruption in the sector. It offers an alternative financial model to banks and looks beyond a balance sheet and credit rating, supported by a digitally enabled customer journey. Simply Asset Finance consider a customer’s potential and work with them to identify and implement the best solution to help them succeed. Their highly experienced sales team is made up of people with extensive knowledge of the industries they lend to. This means they understand the day-to-day challenges that businesses face and the dedicated support teams guide customers through the process, helping them every step of the way.

Simply Asset Finance has lent more than £1.5bn to over 9,000 small and medium businesses across a wide range of sectors including transport, construction, manufacturing, recycling, and agriculture.