GOV.UK
BRITISH SUGAR PLC
Company number: 00315158
Reporting period:
1 March 2021
to 28 August 2021
This report was filed on 28 September 2021
and approved by Jonathan Willis
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 48%
- in 31 to 60 days: 51%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 8 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
The company operates with two standard payment terms:
Standard payment terms are 60 days upon agreement with the supplier for suppliers with more than 50 employees.
Standard payment terms are 30 days upon agreement with the supplier for suppliers with fewer than 50 employees.
Shorter payment terms are agreed with suppliers if needed (generally between 7 and 30 days).
Were there any changes to the standard payment terms in the reporting period?
Yes – From 1 July 2021, our standard payment terms are 30 days for suppliers with fewer than 50 employees.
Were suppliers notified or consulted about these changes before they were made?
Yes – All suppliers on payment terms of greater than 30 days were contacted in order to ascertain their number of employees (in line with the new Prompt Payment Code regulations from 1 July 2021). Those with fewer than 50 employees were notified of a reduction in their payment terms.
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
All invoice queries are chased regularly by the Accounts Payable ("AP") team with the person who raised the order for a resolution within its due date. If no response is received this is escalated to their manager. The AP team will also request any necessary back-up documentation (PODs etc) from the supplier to help resolve the query.
If a supplier is querying the payment terms they are on, this is sent to the Procurement department to review against the contract.
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.Yes – 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.
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