Company number: 03140769
and approved by William Floydd
Invoices due but not paid within agreed terms: 0%
15 days
60 days
The majority of Rank’s suppliers are set to 30 days payment terms which is stipulated within the market tenders inviting commercial proposals, although some suppliers provide longer payment terms as part of the formal negotiation to provide a more attractive commercial model. Any payment terms less than 30 days must be agreed in advance with the Rank’s Senior Finance Leadership team. Rank implemented a new integrated finance system in March 2018. Due to some issues with the functionality of the system there has been a higher number of suppliers not being paid in the agreed 30 day terms. There is planned development in this area to ensure that invoice and process flows are optimised for payments made within terms. There have been no changes to these terms in the past 6 months.
Answer not provided
N/A
60 days
No further comment provided
N/A
Purchase orders are raised for the majority of purchases to an approved Rank supplier. Contact details of the person raising the purchase order are given to the supplier on the purchase order. This would normally be the first point of contact for a supplier to resolve a payment dispute. The purchase order also includes terms and conditions of purchase. Section 6.3 under Payment states "If the buyer (Rank) fails to make any payment due to the seller under the contract by the due date for payment then the buyer shall pay interest on the overdue amount at the rate of 2% per annum above the National Westminster Bank Plc's base rate. Such interest shall accrue on a daily basis from the due date until the actual payment whether before or after judgement. This clause does not apply to payments that the buyer disputes in good faith". Rank would normally advise a supplier if there was an issue with goods or services delivered and request a credit note. If this was disputed by the supplier, then again the person that raised the PO would normally negotiate this directly.
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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No