SLOUGH, England, June 29, 2015 /PRNewswire/ -- The Building & Engineering Services Association (B&ES) and its umbrella body, the Specialist Engineering Contractors' Group (SEC Group), have formally announced their support for Textura Europe® and its Textura-Construction Payment Management™ (CPM™) platform, incorporating the Early Payment Program™ (EPP™), as a tool for improving payment practices within the construction industry.
B&ES, formerly the Heating & Ventilation Contractors' Association, represents the interests of UK businesses active in the design, installation, commission and maintenance of building services engineering systems, products and equipment. B&ES's 1,400 corporate members have some 2,000 offices nationwide and a combined workforce of more than 50,000.
B&ES is strongly pushing for efficiency savings through digitisation of construction administration. This position has subsequently been formally adopted by SEC Group, which comprises the construction industry's premier trade associations: B&ES, Plumbing and Heating Contractors' Alliance, British Constructional Steelwork Association, Electrical Contractors' Association, Lift and Escalator Industry Association, and SELECT (Electrical Contractors Association of Scotland). SEC Group represents a sector in the construction industry comprising 60,000 firms employing over 300,000 people accounting for the largest single component (by value) of construction output.
Textura-CPM™ is a cloud-based solution that brings all project participants and financial data together in one collaborative platform, streamlining the payment process and improving visibility and cash flow through integrated supply chain finance via Textura's Early Payment Program. CPM™, launched in 2006 by Textura Europe parent Textura Corporation (NYSE: TXTR), is widely used in the North American construction market.
EPP, offered in partnership with financial services company Greensill Capital, enables main contractors to use third-party funding to pay subcontractors earlier than normal payment timing, improving supplier relationships and increasing working capital for all project participants.
Paul Bamforth, Managing Director of Textura Europe, comments: "To receive formal backing from the B&ES and SEC Group really underscores the need for CPM – a system that provides ease and transparency in an industry which is well known for its complicated and often litigious payment practices. We look forward to working with Rob Driscoll and his team to provide a real solution for the members of each group."
Rob Driscoll, Head of the Commercial & Legal team at the B&ES, comments: "Our members suffer from a fragile business model due to the lack of transparency in, and the prolonged nature of, the cash-flow cycle in the construction supply chain.
"To date, the impact and measurement of Government initiatives such as project bank accounts, payment charters, prompt payment codes and revised late measurement legislation are all hampered by lack of visibility. An online payment management system – such as Textura-CPM – would resolve the problem of how to implement and manage payment processes, making monitoring payment performance transparent and easily accessible."
Driscoll and his team at B&ES and within SEC Group are currently lobbying the Government to adopt digitisation across its procurement and payment process within its property portfolio. He says: "The Government is to be congratulated on its progress into the digital arena regarding the integration of digital passport control, the DVLA, etc., and we are simply asking that the same level of focus and investment is used by Government in creating and managing its assets."
Textura Corporation is a leading provider of collaboration and productivity tools for the construction industry. Its solutions serve all construction industry professionals across the project lifecycle – from takeoff, estimating, design, prequalification and bid management to submittals, field management, LEED® management and payment. With award-winning technology, world-class customer support and consistent growth, Textura is leading the construction industry's technology transformation. Textura Europe provides Textura collaboration solutions to the UK and European construction markets.
B&ES is a trade association representing the interests of the supply chain in the mechanical and electrical contractors in the construction supply chain. It provides leadership on commercial and risk management solutions to improve the commercial environment in which its members operate. The construction industry's switch from analogue to digital is a key area of focus to B&ES.
About Greensill Capital
Greensill Capital is an independent financial services firm and principal investor group specializing in structured trade finance, working capital optimization, specialty financing and contract monetization. The firm was founded in 2011 by a seasoned team of trade finance specialists with the goal of providing innovative and alternative structured solutions for corporations and financial institutions globally. In 2014 Greensill Capital acquired a majority shareholding in Greensill Bank AG, a regulated German private bank. www.greensill.com
Kate Titchmarsh, Targa Communications
Tel. +44 20 34 40 41 16 | Mobile +44 7595 673 610
SOURCE Textura Corporation