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ROYAL MAIL GROUP LIMITED

Company number: 04138203

Reporting period:
29 March 2021 to 26 September 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 8 December 2021

and approved by Elizabeth Law

Payment statistics

Average time taken to pay invoices: 42 days

Invoices paid:

• within 30 days: 28%
• in 31 to 60 days: 70%
• in 61 days or more: 2%

Invoices due but not paid within agreed terms: 8 %

Payment terms

Shortest standard payment period

3 days

Longest standard payment period

63 days

Standard payment terms

Standard purchase order terms - payment processed on 45 days
Standard contract terms - payment processed on 60 days
Standard contract terms for owner drivers - payment processed on 7 days
Standard contract terms for couriers - payment processed on 14 days

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

No

Maximum contractual payment period agreed

93 days

Royal Mail Group Limited has a discretionary approach to use of standard payment terms. In contracts where the standard terms are not appropriate, particularly those involving smaller suppliers, a shorter payment period may be agreed. For example, all owner driver contracts are processed on 7 days and couriers on 14 days. Royal Mail’s standard contract clause wording relating to payment terms states that invoices are processed for payment on the relevant day stated in the payment terms, i.e. on day 60 for standard contracts and day 45 for purchase orders

Any other information about payment terms

N/A

Dispute resolution process

Complaints or concerns should be raised in the first instance with the Group Payables team, for which all suppliers have contact details. The Group Payables team will escalate where applicable to the Head of Group Payables, and the Group Procurement team

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.

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.

Yes

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