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Cash dispute at WR
Page 12
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by Derren Hayes • Kent-based reefer operator WRM Coolchain is at the centre of a dispute with a number of its sub-contractors over late payments.
Nearly a dozen subcontractors operating out of Coolchain's warehouse in S ittingbourne, Kent are complaining of waiting up to four months to be paid, even though they are on 30-day payment terms. They say they are owed an average of £12,000 each, and the delay is causing them major cashflow problems.
Another large subcontractor of WRM's has stopped trading with the company because it is owed for work carried out in July and August. The firm's director says: "We've had problems with being paid later and later and now if someone doesn't pay us in 30 days we stop working for them."
WRM confirms it has found it increasingly difficult to meet payment terms for subcontractors. It says sub-contractors are normally paid on terms ranging from a week to two months.
WRM says the problems have arisen because some of its large customers, including a number of major supermarkets, have themselves extended their payment terms.
"WRM accepts it has been too tough on it's subcontractors payment terms and not on it's big customers," says the company, "and we are trying to redress the situation by saying to big customers it can't go on." The company adds that it values its subcontractors and is committed to paying them.
Ian Lynon has been appointed the new chief executive of WRM following the retirement of David Winkworth due to ill health.