TESCO DISTRIBUTION LIMITED
Company number: 02972724
Reporting period:
25 February 2019 to 25 August 2019
Report filed on:
24 September 2019
Approved by:
Robert Welch
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 32%
- in 31 to 60 days: 65%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 8%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
45 days
Standard payment terms
For our larger suppliers - Greater than £100,000 (inclusive of VAT) of business with us each year - We have standardized payment terms across each category (30- 45 days). For smaller suppliers – with up to £100,000 (inclusive of VAT) of business with us each year – payment terms will move to 14 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
45 days
NA
Any other information about payment terms
NA
Dispute resolution process
We manage all queries through an incident management tool and have a dedicated team to manage queries. If there is a dispute, we would call/email the relevant vendors and follow up with an email to resolve. All queries raised by vendors are usually resolved within 3 days. We have an escalation matrix which is shared with all vendors. We conduct periodic governance on the performance of the query team to ensure that queries are resolved timely and satisfactorily, thereby ensuring a build-up of invoices on hold is avoided and vendors are paid accurately.
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.
Yes, this business has signed up to: 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.
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.
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