TESCO FAMILY DINING LIMITED
Company number: 08514605
Reporting period:
31 August 2020 to 28 February 2021
Report filed on:
29 March 2021
Approved by:
Robert Welch
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 49%
- in 31 to 60 days: 50%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 1%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
45 days
Standard payment terms
14 days 30 days 45 days
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
45 days
Most of the suppliers are paid on 45 days payment terms as per Tesco Standard Terms. However, there are a few suppliers that are set up for 14 days and 30 days.
Any other information about payment terms
We recognise that the pandemic has been a particularly challenging time for our smaller suppliers. Hence our temporarily set up shortened payment terms (from 14 days to 5 days) that was initiated in April 2020, has now been extended up until February 2022. This covers all suppliers with up to £250,000 worth of annual spend.
Dispute resolution process
The business manages all queries through a generic mailbox with a dedicated team. If there is a dispute, the business calls the relevant vendor and follow up with an email to resolve the matter. All queries are usually resolved within 7 days. The business has an escalation matrix which is shared with vendors. The business conducts periodic governance reviews on the performance of the query team to ensure that queries are resolved timely and satisfactorily, thereby ensuring a build-up of invoices on hold is avoided and vendors are paid accurately.
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.
Yes, this business has signed up to: GSCOP, Prompt Payment Code
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