MAJESTIC WINE WAREHOUSES LIMITED
Company number: 01594599
Reporting period:
3 April 2019 to 30 September 2019
Report filed on:
19 November 2019
Approved by:
Stuart Lane
Payment statistics
Average time taken to pay invoices: 47 days
Invoices paid:
- within 30 days: 13%
- in 31 to 60 days: 75%
- in 61 days or more: 12%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 37%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
90 days
Standard payment terms
Majestic operates differing payment terms across all suppliers dependent on whether they are stock or non stock related. Non Stock have terms of 30 days except for Utility & Legal companies which are 7 days. Stock suppliers are 30 days for small businesses. Those not on 30 days are end of following month from date of invoice with those final remaining suppliers being on a range of between 30-90 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
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Payment disputes are settled by contacting the Accounts Payable email and the appropriate accounts payable assistant will respond to the query. Majestic operates an internal solution whereby the appropriate teams use a portal to communicate and resolve. An escalation process which sees items not satisfactorily resolved in the first instance are elevated to the Accounts Payable Supervisor, Finance Transactions Manager and finally the Finance Director.
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?
Yes
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
Yes