PRET A MANGER (EUROPE) LIMITED
Company number: 01854213
Reporting period:
29 December 2017 to 28 June 2018
Report filed on:
26 July 2018
Approved by:
Adam Jones
Payment statistics
Average time taken to pay invoices: 30 days
Invoices paid:
- within 30 days: 52%
- in 31 to 60 days: 48%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 11%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Pret A Manger has standard payment terms of 30 to 60 days and is pleased to report average days to pay of 30 days. Variations to these terms do exist with certain suppliers in exceptional circumstances. Pret A Manger operates weekly mid-week payment cycles for the majority of suppliers. The operation of these payment cycles means that some suppliers may on occasion receive payment after the due date, but this practice is reflected within the reported net payment terms of 30 days. Of the 11% of invoices which were paid late, 31% were received after their due date.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Pret A Manger's accounts payable team are responsible for processing supplier invoices, matching to purchase orders, and handling dispute resolution. The team can be contacted by email, telephone or letter, and aim to proactively manage any query from suppliers. Where this query results in dispute, this is escalated within the finance team and within the business contact managing 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.
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