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SAFESTORE LIMITED

Company number: 05512707

Reporting period:
1 May 2021 to 31 October 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 30 November 2021

and approved by Andy Jones

Payment statistics

Average time taken to pay invoices: 31 days

Invoices paid:

• within 30 days: 67%
• in 31 to 60 days: 28%
• in 61 days or more: 4%

Invoices due but not paid within agreed terms: 33 %

Payment terms

Shortest standard payment period

7 days

Longest standard payment period

30 days

Standard payment terms

Safestore Limited’s standard terms are to pay all suppliers on qualifying contracts 30 days from the invoice date, except for third party storage suppliers who are paid 7 days from the date of invoice.

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

No

Maximum contractual payment period agreed

45 days

Any other information about payment terms

N/A

Dispute resolution process

Suppliers contact the Finance Accounts Payable department and are then provided the email address of the relevant individual managing the qualifying contract. The Accounts Payable department is also copied into the correspondence. The responsible individual contacts the supplier to ascertain the reason for the dispute and resolve the dispute or concern. Generally, the target of the resolution process is 10 working days from the initial contact by the supplier. Once the dispute or concern is resolved, the invoice is typically released for payment within 7 working days from the date of resolution.

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