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COUNTRYWIDE PRINCIPAL SERVICES LIMITED

Company number: 01707341

Reporting period:
1 January 2020 to 30 June 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 July 2020

and approved by Peter Curran

Payment statistics

Average time taken to pay invoices: 57 days

Invoices paid:

• within 30 days: 27%
• in 31 to 60 days: 40%
• in 61 days or more: 33%

Invoices due but not paid within agreed terms: 66 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

90 days

Standard payment terms

The Countrywide Group has several standard payment terms for qualifying contracts. These range from 7 days to 90 days from receipt of invoice depending on the category of supplier. We make weekly payment runs.

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

Yes – Our previous longest standard payment term was 60 days following receipt of invoice. This has now been changed to 90 days following receipt of invoice.

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

Yes – Notification emails were sent to suppliers, with separate communication to landlords.

Maximum contractual payment period agreed

90 days

The Countrywide Group has maximum payment terms of 90 days. This varies according to category of supplier.

Any other information about payment terms

To prevent a delay in invoice processing, invoices must be clearly legible, comply with HMRC regulations and should include supplier details, invoice number, invoice date and payment instructions, as well as the Countrywide point of contact who requested the goods or services. Invoices should be issued electronically to cwea.payables@countrywide.co.uk. Invoices issued without the above details may not be accepted and may be returned for amendment before being processed.

Dispute resolution process

For any disputes the supplier should first contact the Countrywide Accounts Payable Team via email at cwea.payables@countrywide.co.uk. The Accounts Payable team will consider the complaint and respond accordingly. If you believe the dispute has not been resolved satisfactorily, you may escalate the dispute by contacting your relationship contact.

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. 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