BESPAK EUROPE LIMITED

Company number: 03515896

Reporting period:
1 November 2019 to 30 June 2020

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This report was filed on 27 July 2020

and approved by Andrew Dawson

Payment statistics

Average time taken to pay invoices: 52 days

Invoices paid:

• within 30 days: 23%
• in 31 to 60 days: 51%
• in 61 days or more: 26%

Invoices due but not paid within agreed terms: 24%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

105 days

Standard payment terms

Standard payment terms are end of month plus 45 days, however, specific terms are negotiated depending on the commercial situation.

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

Standard payment terms were 60 days following the end of the month of the date of the invoice and now have been changed to end of month plus 45 days.

Were suppliers notified or consulted about these changes before they were made?

Emails were sent to suppliers and terms changed once the replies were received

Maximum contractual payment period agreed

90 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

In the first instance disputes will be dealt with by the individuals responsible for the supply agreement, with support from the Head of Department and Finance. Failure to meet resolution will be escalated to the Finance Director.

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, 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.

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.

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