GOV.UK
ICELAND FOODS LIMITED
Company number: 01107406
Reporting period:
29 September 2018
to 29 March 2019
This report was filed on 26 April 2019
and approved by Tarsem Dhaliwal
Payment statistics
Average time taken to pay invoices: 51 days
Invoices paid:
- within 30 days: 24%
- in 31 to 60 days: 35%
- in 61 days or more: 41%
Invoices due but not paid within agreed terms: 4 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
90 days
Standard payment terms
Iceland's standard contractual payment terms state that Iceland will pay each correct invoice on its next weekly payment run following agreed terms.
Terms do vary in accordance with individual agreements with suppliers.
Iceland makes a Supply Chain Finance solution available to some suppliers which allows some suppliers to receive payments earlier than their standard terms.
Were there any changes to the standard payment terms in the reporting period?
Yes – In December 2018 we moved 494 of our smallest suppliers to 14 day terms, this was communicated to them by letter.
Were suppliers notified or consulted about these changes before they were made?
Yes – By letter
Maximum contractual payment period agreed
90 days
Any other information about payment terms
N/A
Dispute resolution process
Our Accounts Payable team work closely with suppliers and with our buying team to ensure timely resolution of price / quantity issues.
We also set up and communicated a dedicated point of contact to all suppliers in Sept 2017 to give an additional way of making speedy contact with the key people in our finance team to solve any invoice and payment queries, there is also an e mail address as an alternative method of contact.
We stated that we would endeavour to deliver a solution to queries within 3 working days.
ICELAND PAYMENTS/ INVOICE HELPLINE. :- 01244 842975 or payments.support@iceland.co.uk
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.
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.
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