GOV.UK
CREST NICHOLSON PLC
Company number: 01040616
Reporting period:
1 November 2017
to 30 April 2018
This report was filed on 31 May 2018
and approved by Robert Allen
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 41%
- in 31 to 60 days: 47%
- in 61 days or more: 12%
Invoices due but not paid within agreed terms: 50 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
61 days
Standard payment terms
Crest’s standard payment terms for product suppliers are 1 month Plus 30 days (equivalent to payment at the end of following calendar month of invoice date)
Crest’s standard construction contract payment terms for subcontractors is 34 days following the subcontractor’s valid application for payment.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
61 days
Our contractual payment period is payment at the end of following calendar month of invoice date. This means that the maximum contractual payment period equates to 1 month plus 30 days.
Any other information about payment terms
N/A
Dispute resolution process
Detailed information is available on www.crestnicholson.com/legal-information/supply-chain including details of contacts within Crest, process documentation for submitting invoices, applications to pay through to payments, remittances and query processes. This includes escalation and dispute resolution details. This is intended to support both Product suppliers and subcontractors.
For Product suppliers your first point of call for invoice related queries should be your bought ledger divisional contact (this can be identified on the above website link). They will be able to advise if your invoice has been received, processed or paid and provide details of the remittance. If the document has not been approved you will be directed to the Crest owner of the purchase order associated with the invoice to resolve the issue. To ensure prompt payment all product invoices must quote a valid purchase order number and should be sent in via email not by post.
If you are a subcontractor and have any concerns around the processing of your payment you are advised to speak directly with your initial contact at Crest that arranged the works and arranged the contract for the works with you. As soon as your application for payment is approved by this person the payment will be processed on the next standard payment run.
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.
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