BETA This is a new service – your feedback will help us to improve it.

RANK LEISURE HOLDINGS LIMITED

Company number: 01841255

Reporting period:
1 July 2018 to 31 December 2018

---

This information is as reported by the business, and responses are in their own words.

This report was filed on 30 January 2019

and approved by William Floydd

Payment statistics

Average time taken to pay invoices: 61 days

Invoices paid:

• within 30 days: 41%
• in 31 to 60 days: 24%
• in 61 days or more: 35%

Invoices due but not paid within agreed terms: 59 %

Payment terms

Shortest standard payment period

15 days

Longest standard payment period

60 days

Standard payment terms

The majority of Rank's suppliers are set to 30-60 day payment terms which is stipulated within the market tenders inviting commercial proposals, although some suppliers provide longer payment terms as part of the formal negotiation to provide a more attractive commercial model. Any payment terms less than 30 days must be agreed in advance with Rank's Senior Finance Leadership team.
Rank implemented a new integrated finance system in March 2018. Due to issues with the functionality of the system there were delays in paying suppliers in the current reporting period and a higher amount of suppliers were not paid within the agreed 30 day terms. Where this was an issue to our suppliers a payment on account was made to ensure they had suitable cash flows. This is not reflected in our numbers as we are unable to allocate these payments to individual invoices. Significant investment has been made to refine our system and catch up outstanding invoices and the timing of payments will significantly decrease in our next 6 monthly return.
There have been no changes to these terms in the past 6 months.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

N/A

Dispute resolution process

Purchase orders are raised for the majority of purchases to an approved Rank supplier. Contact details of the person raising the purchase order are given to the supplier on the purchase order. This would normally be the first point of contact for a supplier to resolve a payment dispute. The purchase order will also include terms and conditions of purchase.
Rank would normally advise a supplier if there was an issue with goods or services delivered and request a credit note. If this was disputed by the supplier then again the person that raised the PO would normally negotiate this directly.

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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No

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