CLOSE BROTHERS LIMITED
Company number: 00195626
Reporting period:
1 February 2026 to 31 July 2026
Report filed on:
29 August 2026
Approved by:
Fiona McCarthy
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: 20 days
Total value paid:
- within 30 days: £64,861,047 (73%)
- in 31 to 60 days: £16,178,702 (18%)
- in 61 days or more: £8,012,001 (9%)
Invoices paid:
- within 30 days: 83%
- in 31 to 60 days: 13%
- 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: £23,452,301
- payments due in the reporting period which have not been paid within the agreed period: 16%
- 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
Close Brothers Limited agrees appropriate terms of payment with suppliers for each transaction or series of transactions, and abides by those terms based on the timely submission of valid invoices.
In the absence of agreed terms with a supplier, the Group’s policy is to pay within 60 days of receipt of a valid invoice.
The most frequently agreed term with suppliers is 30 days from receipt of a valid invoice.
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
60 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:
Retention clauses are used on certain construction projects to support timely completion of works and to protect the entity against defects identified after completion.
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
50% of the retention amount is released upon completion of the project. The remaining 50% is released 12 months after project completion.
Is the money released in stages?
Yes:
50% of the retention amount is released upon completion of the project. The remaining 50% is released 12 months after project completion.
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
Close Brothers Limited and the supplier will first attempt to resolve any dispute by referring it for formal discussion between Close Brothers Limited’s authorised representative and the supplier (both acting reasonably and in good faith). If Close Brothers Limited’s authorised representative and the supplier are for any reason unable to resolve the dispute within 14 days of the date of its referral to them, the dispute may be referred to court by either Close Brothers Limited or the supplier.
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