THE RESTAURANT GROUP (UK) LIMITED
Company number: 00894426
Reporting period:
30 December 2019
to 28 June 2020
This report was filed on 27 July 2020
and approved by Kirk Davis
Payment statistics
Average time taken to pay invoices: 53 days
Invoices paid:
- within 30 days: 7%
- in 31 to 60 days: 79%
- in 61 days or more: 15%
Invoices due but not paid within agreed terms: 27 %
Payment terms
Shortest standard payment period
31 days
Longest standard payment period
61 days
Standard payment terms
Standard payment terms are the last business day of the month after the invoice date.
The Restaurant Group (UK) Limited recognises that an increase in the average time to pay from 48 days to 53 days is not in line with previous efforts to work with our suppliers on prompt payment. The reason for this increase is that the unprecedented impact of COVID-19 on our business meant it was necessary to negotiate longer payment terms with a number of our key suppliers. These lengthened terms were all agreed in advance and we are grateful for the support of our supply base. As we return to more normal trading conditions, we will endeavour to bring down the time to pay in line with our standard terms of 45 days.β
Were there any changes to the standard payment terms in the reporting period?
Yes – Due to COVID-19 we agreed extended payment plans with a number of our key suppliers
Were suppliers notified or consulted about these changes before they were made?
Yes – Suppliers where contacted by a procurement department
Maximum contractual payment period agreed
61 days
No
Any other information about payment terms
The Restaurant Group (UK) Limited recognises that an increase in the average time to pay from 48 days to 53 days is not in line with previous efforts to work with our suppliers on prompt payment. The reason for this increase is that the unprecedented impact of COVID-19 on our business meant it was necessary to negotiate longer payment terms with a number of our key suppliers. These lengthened terms were all agreed in advance and we are grateful for the support of our supply base. As we return to more normal trading conditions, we will endeavour to bring down the time to pay in line with our standard terms of 45 days.β
Dispute resolution process
All suppliers can contact the Accounts Payable team by phone or email to check the status of their invoice at any time during normal business hours.
Disputes would typically be escalated to a senior member of the finance, procurement or relevant operational function. If necessary, this may be further escalated to the relevant executive board member.
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. Itβs 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