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PORSCHE RETAIL GROUP LIMITED

Company number: 00220221

Reporting period:
1 July 2020 to 31 December 2020

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This information is as reported by the business, and responses are in their own words.

This report was filed on 16 February 2021

and approved by Adam Flint

Payment statistics

Average time taken to pay invoices: 41 days

Invoices paid:

• within 30 days: 27%
• in 31 to 60 days: 72%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 1 %

Payment terms

Shortest standard payment period

31 days

Longest standard payment period

61 days

Standard payment terms

Porsche Retail Group Ltd as standard pays all its suppliers and distributors no later than the last day of the month following the month in which the relevant undisputed invoice is received by PRG i.e. between 31 and 61 days from receipt. Variations to these standard terms are by exception only and only applied when negotiated and agreed by both parties.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

61 days

N/A

Any other information about payment terms

N/A

Dispute resolution process

If at any time any dispute arises between the Porsche Retail group and the supplier, under the contract the parties are obliged to escalate the dispute to senior representatives of the parties who shall use their reasonable endeavours to resolve the dispute in good faith within 30 days of the date the matter was referred to them. For PRG the escalation point would be the current procurement team.

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