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BEAVERBROOKS THE JEWELLERS LTD

Company number: 00321773

Reporting period:
30 August 2020 to 27 February 2021

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

This report was filed on 31 March 2021

and approved by Anna Blackburn

Payment statistics

Average time taken to pay invoices: 56 days

Invoices paid:

• within 30 days: 52%
• in 31 to 60 days: 40%
• in 61 days or more: 9%

Invoices due but not paid within agreed terms: 19 %

Payment terms

Shortest standard payment period

5 days

Longest standard payment period

90 days

Standard payment terms

Standard payment terms vary significantly across the business depending on the type and nationality of the supplier. Our payment terms range between 9 and 90 days.
We try to use local suppliers where possible, 44 % of our invoices were paid using end of month plus 24 days terms.
Our next group are standard terms of 7 days being 15% of our total.
Our next group are standard terms of 30 days being 15% of our total.
We are permitted extended terms with several stock suppliers during the Christmas season which can extend our standard terms, this is reflected in this report in the average days to pay moving to 56 days.

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

Yes – Yes – We are permitted extended terms with several stock suppliers during the Christmas season which can extend our standard terms,. In addition, we were also pre ordered stock in in anticipation of the Brexit changes and were permitted extended terms with several stock suppliers. This is also reflected in this report in the average days to pay moving to 56 days.

Were suppliers notified or consulted about these changes before they were made?

Yes – Yes – Extensive discussions and negotiations with regard to order quantities and payment terms are held with key suppliers during the Christmas planning period. Extended payment terms are for our Christmas orders are agreed during these discussions and negotiations. Similar discussions were held in relation to the order quantities and payment terms for the pre-Brexit orders

Maximum contractual payment period agreed

90 days

Any other information about payment terms

N/A

Dispute resolution process

Relationships with suppliers are held by individual senior managers throughout the business. Should a supplier complaint arise, this will be considered in the first instance by the senior manager of the relevant department. In the unlikely event that this does not satisfactorily resolve the issue, the matter would escalate to the Managing Director.

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