WATES PROPERTY SERVICES LIMITED
Company number: 01141788
Reporting period:
1 January 2026 to 30 June 2026
Report filed on:
29 July 2026
Approved by:
Philip Wainwright
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: 31 days
Total value paid:
- within 30 days: £122,583,030 (60%)
- in 31 to 60 days: £74,597,848 (36%)
- in 61 days or more: £7,376,514 (4%)
Invoices paid:
- within 30 days: 68%
- in 31 to 60 days: 28%
- in 61 days or more: 4%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £68,189,262
- payments due in the reporting period which have not been paid within the agreed period: 17%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
30 days
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
61 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 property maintenance and refurbishment works we deliver vary significantly in scale and complexity.
For routine maintenance and facilities management contracts, retention clauses are not typically applied to our supply chain. However, for larger and more complex planned maintenance and project works, retention provisions are generally included within subcontract agreements. These retentions are held to ensure the satisfactory completion of works, including snagging, provision of required documentation and certifications, and the rectification of defects.
In some circumstances, we may provide Performance Bonds and/or Parent Company Guarantees (PCGs) in lieu of retentions being held by our clients. To maintain parity of risk, we may therefore hold retentions within our supply chain through our subcontractors. This helps ensure appropriate security is in place until contractual obligations have been fully satisfied.
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
Half (2.5%) released at agreed Practical Completion and half (2.5%) at end of defect liability period, usually 12 months.
Is the money released in stages?
Yes:
Half (2.5%) released at agreed Practical Completion and half (2.5%) at end of defect liability period, usually 12 months.
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
161%
Amount retained stated as a percentage of the total construction payments made by this business
1%
Dispute resolution process
WPSL proactively seeks to resolve disputes by discussing them with the relevant supplier and subcontractors following monthly account statement reconciliation exercise conducted by members of the Finance team. Outstanding invoices are monitored through aged creditors reports on monthly basis and disputed invoices escalated to Quantity surveyors and commercial managers for resolution. Where it is not possible to reach agreement, a number of potential dispute resolution methods (for example, mediation, adjudication, expert determination, litigation and / or arbitration) may be used. In case adjudication is selected as the preferred scheme, the Adjudicator shall be nominated by The Royal Institution of Chartered Surveyors.
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