THE SWATCH GROUP (UK) LIMITED
Company number: 00177501
Reporting period:
1 January 2026 to 30 June 2026
Report filed on:
29 July 2026
Approved by:
Paul Boxall
Contracts and payments
Do any of this business's construction contracts with its suppliers include retention clauses? Yes
Payment statistics
Average time taken to pay invoices: 10 days
Total value paid:
- within 30 days: £17,900,788 (94%)
- in 31 to 60 days: £1,019,312 (5%)
- in 61 days or more: £133,546 (< 1%)
Invoices paid:
- within 30 days: 95%
- in 31 to 60 days: 4%
- in 61 days or more: 1%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £1,666,813
- payments due in the reporting period which have not been paid within the agreed period: 4%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
30 days
Standard payment terms
Where possible we request a minimum of 30-day payment terms.
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
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Retention clauses
How does this business use retention clauses?
Retention clauses are used in specific circumstances:
The usual construction contracts we conclude with suppliers do not include retention clauses. In this current reporting period, we are a party to one construction contract in relation to a bespoke project and such contract does include a standard retention clause, based on the industry-standard JCT contract. No invoices have however been received in relation to this project during the current reporting period.
Does this business only use retention clauses in construction contracts above a specific contract sum?
No
Does this business use a standard percentage rate in retention clauses?
Yes: 5%
Does this business apply retention clause practices that are no more onerous than those applied to it on the same project?
No
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
Released as and when staged payment certificates are issued.
Is the money released in stages?
Yes:
Monthly during the contract and after 6 or 12 months, depending on the rectification period set in the contract.
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
0%
Amount retained stated as a percentage of the total construction payments made by this business
0%
Dispute resolution process
Disputes related to unpaid invoices are raised with Finance departments and are escalated to CFO.
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.
No, this business has not signed up to a code of conduct or standards on payment practices.
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.
No
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