HARRODS INTERNATIONAL LIMITED
Company number: 00676533
Reporting period:
1 February 2026 to 1 August 2026
Report filed on:
28 August 2026
Approved by:
Michael Ward
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: 48 days
Total value paid:
- within 30 days: £77,681 (6%)
- in 31 to 60 days: £810,332 (66%)
- in 61 days or more: £337,640 (28%)
Invoices paid:
- within 30 days: 6%
- in 31 to 60 days: 76%
- in 61 days or more: 18%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £603,013
- payments due in the reporting period which have not been paid within the agreed period: 46%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
• Merchandise 30 days.
• Non-Merchandise 60 days
Any invoices due will be paid the following Monday in line with Harrods’ weekly payment run.
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
75 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:
All of our major construction projects are managed under a JCT Form of Contract, typically either a Standard Building Contract or a Design and Build Contract.
In both form of contract a retention of 5% is held on all payments made to the Contractor throughout the construction phase of the project.
This does not apply to service suppliers on construction projects, such as architects, designers and surveyors.
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
Upon issue of the Practical Completion Certificate, the point at which the Client (Harrods) confirms acceptance of the work and takes back possession of the site, the percentage of retention held is reduced to 2.5%.
This 2.5% is held for the entirety of the Defects Liability / Rectification period, which under a JCT Contract is 12 months. At the end of the rectification period and when all defects have been rectified, a Certificate of Making Good is then issued and the final 2.5% Retention is released to the Contractor.
Is the money released in stages?
Yes:
2.5% is released upon issue of the Practical Completion Certificate. The second 2.5% is released at the end of the defects liability period once all defects have been rectified.
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
1%
Dispute resolution process
• Any queries regarding payment and invoices should be raised with the Accounts Payable team. Once resolved, the invoice will be paid in the next payment run in accordance with payment terms.
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