GOV.UK
TRAVELODGE HOTELS LIMITED
Company number: 00769170
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 26 July 2018
and approved by Jo Boydell
Payment statistics
Average time taken to pay invoices: 61 days
Invoices paid:
- within 30 days: 17%
- in 31 to 60 days: 43%
- in 61 days or more: 40%
Invoices due but not paid within agreed terms: 8 %
Payment terms
Shortest standard payment period
31 days
Longest standard payment period
91 days
Standard payment terms
Travelodge’s standard payment term is to pay all undisputed invoices by the end of the second month following the month in which the invoices are received. For example, undisputed invoices received from suppliers on 1 May, 12 May and 31 May respectively will all be paid at the end of July.
Please note that:
Travelodge makes most payments in one single payment run at the end of a month (rather than at various points of time within a month)
If an invoice is received at the end of a month, e.g. 31 May, it will be paid on or before 31 July which will be effectively 60 days; and if an invoice is received at the beginning of a month, e.g. 1 May, it will be paid on or before 31 July which will be 91 days. For this reason we have put 91 days as the “Longest standard payment period” and the “Maximum contractual payment period agreed”.
For some suppliers who have genuine cash flow concerns, Travelodge’s standard payment term is to pay all undisputed invoices by the end of the first month following the month in which the invoices are received. As above, if someone invoices on 30 June, they would be paid on 31 July hence using 31 days as the shortest standard payment period.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
91 days
Please refer to explanation provided in the standard payment terms section.
Any other information about payment terms
If the standard payment term is not acceptable to a particular supplier, the request will be reviewed and agreed between the parties on a case by case basis.
Dispute resolution process
If there is any issue on a supplier’s invoice (e.g. the quantity of purchase does not match our records), the issue will be logged in our accounts system and the relevant department will have the responsibility to investigate and resolve the issue.
The turn-around time for resolving invoice disputes will depend on the nature of the query and response time from suppliers and the relevant departments.
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