TUI TRAVEL GROUP SOLUTIONS LIMITED
Company number: 03849257
Reporting period:
1 April 2020 to 30 September 2020
Report filed on:
30 October 2020
Approved by:
Mark Russell
Payment statistics
Average time taken to pay invoices: 106 days
Invoices paid:
- within 30 days: 4%
- in 31 to 60 days: 17%
- in 61 days or more: 79%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 58%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
90 days
Standard payment terms
Standard = 60 days from invoice date - applies as a general rule unless otherwise negotiated.
Intercompany = payable on request due to cash pool 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 deferral of payments being agreed with many suppliers
Were suppliers notified or consulted about these changes before they were made?
Through open and constructive interaction with suppliers regarding payment terms. This was done on a supplier by supplier basis with negotiations still ongoing in some cases.
Maximum contractual payment period agreed
90 days
None
Any other information about payment terms
None
Dispute resolution process
There is a centralised APhelpdesk email address which inbox is monitored regularly and the queries allocated to the relevant teams within AP to action - 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 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