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TESCO FOOD SOURCING LIMITED

Company number: 07502096

Reporting period:
26 August 2019 to 29 February 2020

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

This report was filed on 30 March 2020

and approved by David Berry

Payment statistics

Average time taken to pay invoices: 26 days

Invoices paid:

• within 30 days: 60%
• in 31 to 60 days: 39%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 32 %

Payment terms

Shortest standard payment period

7 days

Longest standard payment period

58 days

Standard payment terms

There are 7 different Payment terms
07 Days
14 Days
21 Days
28 Days
30 Days
35 Days
58 Days

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

No

Maximum contractual payment period agreed

58 days

NA

Any other information about payment terms

NA

Dispute resolution process

We manage all queries through an incident management tool . We have a dedicated team to match the invoices and resolve any 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 7 days.

We have an escalation matrix which is shared with all the vendors.

We conduct Weekly governance call with the supply chain 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 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