BRITISH SUGAR PLC
Company number: 00315158
Reporting period:
17 March 2018 to 15 September 2018
Report filed on:
12 October 2018
Approved by:
Alex Johnson
Payment statistics
Average time taken to pay invoices: 55 days
Invoices paid:
- within 30 days: 24%
- in 31 to 60 days: 42%
- in 61 days or more: 34%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 16%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard payment terms are 60 days upon agreement with the supplier. Other payment terms are agreed if needed with smaller suppliers (generally between 7 and 30 days). Supplier invoice financing (“SIF”) is offered to all suppliers on extended payment terms of 90 days. The payment terms are 90 days but suppliers can choose to draw the funds down sooner once invoices are approved in the Financing system (for a % interest fee). The Company agrees with the supplier to approve invoices on the SIF portal within 14 days of invoice receipt.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
All invoice queries are chased regularly by the Accounts Payable ("AP") team with the person who raised the order for a resolution within its due date. If no response is received this is escalated to their manager. The AP team will also request any necessary back up documentation from the supplier to help resolve the query (PODs etc). If a supplier is querying the payment terms they are on, this is sent to the Procurement department to review against the contracts.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Prompt Payment Code
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
Yes
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No