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MCCORMICK (UK) LIMITED

Company number: SC015262

Reporting period:
1 June 2019 to 30 November 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 17 December 2019

and approved by laird creighton

Payment statistics

Average time taken to pay invoices: 67 days

Invoices paid:

• within 30 days: 17%
• in 31 to 60 days: 32%
• in 61 days or more: 51%

Invoices due but not paid within agreed terms: 69 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

90 days

Standard payment terms

McCormick UK Ltd has over 60 payment codes currently being used. Net 90 days is the most common (24% of all invoices in reporting period), followed by Net 30 days (23% of all invoices in reporting)

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

150 days

150 days payment term is agreed with limited number of global suppliers, on a mutually agreed basis. Financing facility offered by McCormick to minimise any financial impact

Any other information about payment terms

N/A

Dispute resolution process

McCormick UK Ltd has a dedicated Accounts Payable Shared Service Centre to address business inquiries relating to invoice and payment processing. The service centre can be contacted via email or phone. The centre will investigate any delays or issues in payment in order to resolve any queries as soon as possible.

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