GOV.UK
BRITISH SUGAR PLC
Company number: 00315158
Reporting period:
1 September 2019
to 29 February 2020
This report was filed on 25 March 2020
and approved by Paul Kenward
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 48%
- in 31 to 60 days: 45%
- in 61 days or more: 7%
Invoices due but not paid within agreed terms: 7 %
Payment terms
Standard payment period for qualifying contracts
60 days
Standard payment terms
Standard payment terms are 60 days upon agreement with the supplier. Shorter payment terms are agreed if needed with smaller suppliers (generally between 7 and 30 days). From 1 September 2019, the company withdrew a supplier invoice financing option in order to improve its payments practices. All suppliers previously on the platform are on terms of 60 days or less and are no longer liable for any finance charge.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
British Sugar plc has completed a number of actions in the six month reporting period to improve its payment practices. Certain of these actions did not take effect until partway through the reporting period; once they did, payments made over 60 days were less than 5%.
For subsequent Payment Practices Reporting submissions, management expect payments over 60 days to be less than 5% on a full six month basis.
Any other information about payment terms
N/A
Dispute resolution process
All invoice queries are chased regularly by the Accounts Payable ("AP") team with the person who raised the order for a resolution within its due date. If no response is received this is escalated to their manager. The AP team will also request any necessary back-up documentation (PODs etc) from the supplier to help resolve the query.
If a supplier is querying the payment terms they are on, this is sent to the Procurement department to review against the contract.
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.Yes – 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.
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