TUI UK LIMITED

Company number: 02830117

Reporting period:
1 April 2020 to 30 September 2020

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This report was filed on 30 October 2020

and approved by Henrik Andersson

Payment statistics

Average time taken to pay invoices: 174 days

Invoices paid:

• within 30 days: 19%
• in 31 to 60 days: 9%
• in 61 days or more: 72%

Invoices due but not paid within agreed terms: 64%

Payment terms

Shortest standard payment periods

60 days

Longest standard payment period

Answer not provided

Standard payment terms

Standard = 60 days from invoice date - applies as a general rule unless otherwise negotiated. Intercompany = payable on request, due to cash being managed on a group basis

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

COVID-19 has resulted in amended supplier payment terms, payment plans and deferrals of payments being agreed with many suppliers.

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

TUI has had open and constructive discussions with suppliers regarding payment terms. This was done on a supplier by supplier basis and some of the negotiations are still ongoing

Maximum contractual payment period agreed

60 days

Due to COVID-19 longer payment terms have been negotiated with certain suppliers depending on the commercial situation.

Any other information about payment terms

N/A

Dispute resolution process

There are centralised AP helpdesk email addresses. The inboxes are monitored and the queries are allocated to the relevant teams within AP to action on a daily basis, aiming to provide a resolution within 30 days.

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