THORNTONS LIMITED
Company number: 00174706
Reporting period:
1 September 2018 to 28 February 2019
Report filed on:
1 April 2019
Approved by:
Salvatore Castelli
Payment statistics
Average time taken to pay invoices: 27 days
Invoices paid:
- within 30 days: 68%
- in 31 to 60 days: 22%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 51%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
Payment by BACS transfer for the Goods ?or services unless otherwise agreed and detailed in the Purchase order shall be 30 days from the date of the invoice received from the supplier
Were there any changes to the standard payment terms in the reporting period?
The standard payment terms were changed from 90 days to 30 days to bring in line with the parent company payment terms
Were suppliers notified or consulted about these changes before they were made?
A letter was sent explaining the change alongside a copy of the new terms and conditions. The letter asked suppliers to sign the new terms and return back to the company. Any queries or questions the suppliers had was dealt with on a case by case basis by the Purchasing team
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Suppliers are able to contact the business regarding a complaint or concern on the following email address. Alfretonfinanceaccountspayable@ferrero.com where a team of experts will direct the query to the relevant department. The complaint or concern will be considered by that department. The length of time taken to resolve the complaint or concern is dictated by its nature. If a resolution cannot be agreed upon the business will use an escalation process both within the business and with the supplier until a resolution by both parties is found and agreed
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