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BRITISH SUGAR PLC

Company number: 00315158

Reporting period:
17 September 2017 to 16 March 2018


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

This report was filed on 11 April 2018

and approved by Paul Kenward

Payment statistics

Average time taken to pay invoices: 50 days

Invoices paid:

Invoices due but not paid within agreed terms: 18 %

Payment terms

Standard payment period for qualifying contracts

60 days

Standard payment terms

Standard payment terms are 60 days upon agreement with the supplier. Other payment terms are agreed if needed with smaller suppliers (generally between 7 and 30 days). Supplier invoice financing (“SIF”) is offered to all suppliers on extended payment terms of 90 days. The payment terms are 90 days but suppliers can choose to draw the funds down sooner once invoices are approved in the Financing system (for a % interest fee). The Company agrees with the supplier to approve invoices on the SIF portal within 14 days of invoice receipt.

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

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

N/A

Dispute resolution process

All invoice queries are chased regularly by the Accounts Payable ("AP") team with the person who raised the order for a resolution within its due date. If no response is received this is escalated to their manager. The AP team will also request any necessary back up documentation from the supplier to help resolve the query (PODs etc).

If a supplier is querying the payment terms they are on, this is sent to the Procurement department to review against the contracts.

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.

Yes – Prompt Payment Code

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.

Yes

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