Company number: SC186794
and approved by Richard Turner, CEO
Average time taken to pay invoices: 36 days
Invoices paid:
Invoices due but not paid within agreed terms: 88%
45 days
Answer not provided
Payment terms are negotiated on a supplier by supplier basis. Our preferred and most common agreement is "30 days from end of the month of invoice", which averages out to 45 days.
Answer not provided
N/A
75 days
The 75 days above represents an agreement of "60 days from the end of month of invoice", with a very small number of suppliers.
Typically we make one large payment run on or around month end to capture all suppliers. Depending on where month end dates and weekends fall, and with bank processing days factored into these calculations, a high proportion of our payments technically arrive with the supplier late, but this is typically only late by 2-3 days. This impact will vary in each reporting period.
General concerns or queries from a supplier about payment terms will be raised in the first instance with the relevant member of our Procurement team who manage that relationship. Subsequent involvement may be required from the Finance team, particularly if the query relates to payment dates of a specific invoice.
For example, signatories to The Prompt 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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No