CORNEY AND BARROW LIMITED
Company number: 02296476
Reporting period:
1 November 2019 to 30 April 2020
Report filed on:
17 June 2020
Approved by:
P S Masters
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 89%
- in 31 to 60 days: 8%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 17%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
With the exception of broking transactions, Corney and Barrow does not have standard broking terms. Differing payment terms are agreed as between the UK and overseas suppliers during the course of contractual negotiations. It should be noted that, in the case of broking transactions, 30 days payment terms means payment will be made in the week in which the 30 days period falls provided the buyer of the wine has paid Corney and Barrow. Therefore payment could be upto 34 days from the date of the broking sales advice but will still be within agreed terms.
Were there any changes to the standard payment terms in the reporting period?
For broking transactions, the 30 days payment term became subject to Corney and Barrow having received payment from the buyer of the wine.
Were suppliers notified or consulted about these changes before they were made?
Notified our customers of the change of terms for all new broking transactions post the effective date of the change in terms.
Maximum contractual payment period agreed
259 days
This was for an overseas supplier who sets a due date to coincide with delivery of the wine to the UK. This is not a standard period imposed by Corney and Barrow
Any other information about payment terms
None
Dispute resolution process
This would be dealt with by the buyer responsible for the supplier relationship
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No