GOV.UK
HOVIS LIMITED
Company number: 08846838
Reporting period:
1 January 2021
to 30 June 2021
This report was filed on 30 July 2021
and approved by Ketan Halai
Payment statistics
Average time taken to pay invoices: 64 days
Invoices paid:
- within 30 days: 18%
- in 31 to 60 days: 20%
- in 61 days or more: 62%
Invoices due but not paid within agreed terms: 42 %
Payment terms
Shortest standard payment period
75 days
Longest standard payment period
105 days
Standard payment terms
Hovis Limited shall pay or procure the payment of all invoices within seventy five (75) days of the end of the month of receipt provided that:
1. If in the opinion of Hovis Limited any invoice is incorrect it shall notify the Supplier and payment shall not be due to the Supplier for the price set out in such invoice unless and until a correct invoice has been submitted to the Company and then payment shall be due within seventy five (75) days of the end of the month of receipt of such corrected invoice.
2. If the payment due date of an invoice does not fall on a Business Day, payment shall become due on the Business Day following the due date.
Hovis Limited raises payment instructions in line with agreed payment terms, with no allowance for fund transmission times. The funds are available to suppliers between 1 and 5 days after the payment terms date depending upon the method of transmission.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
105 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
Suppliers with invoice queries can contact the AP team either via the email address apqueries@hovis.co.uk or via direct contact with a member of the Accounts Payable team. The Accounts Payable team will investigate the query and will respond to the Supplier with a resolution. The Accounts Payable team will also get in contact with the Supplier if they find an issue with the invoice.
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