3M UNITED KINGDOM PUBLIC LIMITED COMPANY
Company number: 01123045
Reporting period:
1 July 2020 to
31 December 2020
This report was filed on 28 January 2021
and approved by Simla Semerciyan
Payment statistics
Average time taken to pay invoices: 98 days
Invoices paid:
- within 30 days: 28%
- in 31 to 60 days: 50%
- in 61 days or more: 22%
Invoices due but not paid within agreed terms: 19%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
Answer not provided
Standard payment terms
3rd Party vendors - 60 days from date of invoice. Intercompany - EOM, 15 days
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
In the period there has been significant work undertaken to clear old invoices, in particular Intercompany Invoices, which accounts for an approximate 13 day increase in the average time taken to pay.
Any other information about payment terms
N/A
Dispute resolution process
We have a dedicated team that handles vendor queries - 3M UK AP Helpdesk. For any concerns raised by the vendors, the AP Helpdesk will work internally with the relevant teams to provide a solution, contact details Telephone: 01344 857377, email: 3mukaphelpdesk@mmm.com
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