GOV.UK
OUTFIT RETAIL LIMITED
Company number: 04251395
Reporting period:
1 March 2020
to 29 August 2020
This report was filed on 31 October 2020
and approved by Gillian Hague
Payment statistics
Average time taken to pay invoices: 95 days
Invoices paid:
- within 30 days: 6%
- in 31 to 60 days: 46%
- in 61 days or more: 48%
Invoices due but not paid within agreed terms: 53 %
Payment terms
Shortest standard payment period
60 days
Longest standard payment period
90 days
Standard payment terms
Goods not for resale – Invoices are paid weekly, on 60 days payment terms
Goods for resale – Invoices are twice weekly, on 90 days payment terms
Settlement discount applied to all goods for resale invoices as below –
Direct Imports suppliers – 4%
Landed suppliers – 18.25%
Were there any changes to the standard payment terms in the reporting period?
Yes – Payment terms were amended, in consultation with our suppliers, in response to the COVID-19 pandemic and its impact on trading. Terms were increased by 30 days.
Were suppliers notified or consulted about these changes before they were made?
Yes – Suppliers were notified of the need to change payment terms due to the COIVD-19 pandemic, with follow up communications as the lockdown progressed.
Maximum contractual payment period agreed
90 days
Any other information about payment terms
Payment terms were amended, in consultation with our suppliers, in response to the COVID-19 pandemic and its impact on trading. In addition payment processes were amended and payment runs made less frequently as a proportion of staff were furloughed. Adjusting for these two factors the % of payments made while overdue would have been 30%.
Dispute resolution process
Queries from the Company’s suppliers are directed through a central Supplier Liaison team within Accounts Payable. The following service level agreements are in place to ensure we respond to our suppliers within an acceptable time frame:
(a) Urgent queries – 24 hours from receipt of query; and
(b) Non-urgent queries – 48 hours from receipt of query.
The initial contact points for suppliers are as follows:
(a) Goods for resale – tradeinvoices@arcadiagroup.co.uk
(b) Goods not for resale – Apinvoices.general.expenses@arcadiagroup.co.uk
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