SSP FINANCING UK LIMITED
Company number: 05735959
Reporting period:
26 March 2020 to 30 September 2020
Report filed on:
1 February 2021
Approved by:
Miles Collins
Payment statistics
Average time taken to pay invoices: 73 days
Invoices paid:
- within 30 days: 15%
- in 31 to 60 days: 37%
- in 61 days or more: 48%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 79%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
Unless specially negotiated suppliers are paid at the end of month following the date of the invoice.
Were there any changes to the standard payment terms in the reporting period?
This period covers the first UK lockdown due to the Covid-19 pandemic. During this period, agreements for temporary longer payment terms were made with key suppliers and brand partners, including Starbucks, which accounts for 42% of invoices received.
Were suppliers notified or consulted about these changes before they were made?
Agreements were made with key suppliers and brand partners.
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
A claim relating to any disputed invoice is raised with the supplier. SSP Financing UK Limited has
standardised processes for managing supplier payments and a dedicated team responsible for supplier
reconciliations and dispute resolution.
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.
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