Company number: 04050190
and approved by Cécile Parker
Average time taken to pay invoices: 36 days
Invoices paid:
Invoices due but not paid within agreed terms: 36%
1 days
60 days
Supporting Our Supply Chain Partners in Uncertain Times Vital Energi recognises the critical role our SME suppliers play in our success. During these times of economic uncertainty, we remain committed to fostering strong, supportive relationships. Demonstrating Our Commitment: • Flexible Payment Terms: We understand the importance of cash flow, and where appropriate, we have actively reduced payment terms for specific suppliers. • Tailored Financial Support: In certain cases, we have provided direct financial assistance to alleviate challenges faced by valued partners. • Collaborative Problem-Solving: We believe in working alongside our suppliers to find solutions that overcome obstacles and ensure mutual success. Beyond Payment Terms: • Open Communication: We maintain regular communication with our suppliers, keeping them informed on developments and fostering transparency. • Innovation & Collaboration: We actively promote an environment of innovation and collaboration, where ideas are shared and partnerships flourish. Investing in Faster Payments: • 30-Day Standard Terms: Our standard payment terms remain at 30 days, but we are open to negotiating for specific needs. • Ad-Hoc Immediate Payments: For urgent or time-sensitive orders, we offer immediate payment options. • Continuous Improvement: We are constantly reviewing and optimising our processes to expedite invoice processing and shorten payment cycles. Vital Energi is confident that these measures will help its suppliers to weather the current economical challenges and continue to provide the high-quality services that the company needs. Vital Energi is confident that these measures will help its suppliers to weather the current economical challenges and continue to provide the high-quality services that the company needs.
Answer not provided
N/A
60 days
No further comment provided
We are committed to building a robust and sustainable supply chain, and we believe that prompt and fair payment practices are fundamental to achieving this goal. We continually seek to improve our processes and partner with our suppliers for ongoing success. Current Initiatives: • Automated Accounts Payable: We are implementing a new automated system to streamline invoice processing and significantly reduce wait times. • Web-Based Goods Receipting: A new online system will allow suppliers to submit goods receipts electronically, further accelerating payment turnaround. • Staff Training: Dedicated training on these new systems ensures efficient and effective utilisation for faster payments. Vital Energi is committed to paying its suppliers on time and in full. The company understands that the timely payment of invoices is essential for suppliers to maintain their financial health and continue to provide the services that Vital Energi needs.
We prioritise open dialogue to resolve any issues. In most cases, payment disputes are amicably settled through this approach. Additionally, our construction-related subcontracts strictly adhere to the Housing Grants, Construction and Regeneration Act 1996 (as amended).
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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.
No
No
No