INCHCAPE MANAGEMENT (SERVICES) LIMITED
Company number: 00785779
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
30 January 2019
Approved by:
Tamsin Waterhouse
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 56%
- in 31 to 60 days: 27%
- in 61 days or more: 17%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 32%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Inchcape Management (Services) Ltd has standard payment terms of 60 days.
Small to Medium-sized Enterprises (SME) are on payment terms of 30 days.
SMEs are firms employing fewer than 250 employees, as defined by the OECD.
Were there any changes to the standard payment terms in the reporting period?
In October 2018, Inchcape Management (Services) Ltd implemented a digital platform for supplier invoice management.
A revised procurement policy was then adopted which states that Inchcape's suppliers shall have minimum payment terms of 60 days.
An exception to this policy is where:
- suppliers' contracts clearly mandate payment terms and/or
- suppliers are SMEs and shall be on 30 days payment terms.
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The company has a dedicated Accounts Payable desk. They can be contacted by email or phone Monday to Friday.
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.
Yes
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