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DIAGEO GREAT BRITAIN LIMITED

Company number: 00507652

Reporting period:
1 July 2018 to 31 December 2018

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

This report was filed on 31 January 2019

and approved by Kerryn Haynes

Payment statistics

Average time taken to pay invoices: 76 days

Invoices paid:

• within 30 days: 3%
• in 31 to 60 days: 37%
• in 61 days or more: 60%

Invoices due but not paid within agreed terms: 6 %

Payment terms

Standard payment period for qualifying contracts

60 days

Standard payment terms

Our standard payment terms are 60 days and we are committed to 60 days standard payment terms for all SMEs in the UK. Any longer payment terms for larger suppliers (not SMEs) are appropriately negotiated and mutually agreed. Following submission of our data in July we have re-categorised all SMEs within our supply chain and moved payment runs earlier to enable SMEs to receive funds within 60 days terms.

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

No

Maximum contractual payment period agreed

120 days

Any other information about payment terms

A preferential Supplier Financing facility is available to our suppliers. This arrangement enables payment to suppliers earlier than standard or contracted payment terms.

Dispute resolution process

Supplier payment issues that arise in the first instance are addressed by the shared financial services team. Depending on the issue, Procurement may be involved to resolve any disputes or issues via the Diageo internal dispute resolution process.

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 – The 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