The code is designed to speed-up payments to subcontractors with signatories committing to paying their suppliers within clearly defined time limits.

McAlpine Head of Procurement Paul Spiller said: “Signing up to the code sends out a strong message to our existing and future suppliers, not only that they will continue to be paid promptly and as agreed but that we value the services they deliver.”

Michael Fallon MP, Minister of State for Business and Enterprise, said: “Prompt payment is critical to the cash flow of every business, and especially to smaller businesses within the supply chain.

“The certainty of getting paid is really important and enables businesses to plan both for their short and longer term futures.”

Other recent signatories include Berkeley, Dragados, Wates, RG Carter and VolkerWessels UK.