MCCORMICK (UK) LIMITED
Company number: SC015262
Reporting period:
1 June 2021 to
30 November 2021
This report was filed on 23 December 2021
and approved by Ryan Charlier
Payment statistics
Average time taken to pay invoices: 71 days
Invoices paid:
- within 30 days: 11%
- in 31 to 60 days: 25%
- in 61 days or more: 64%
Invoices due but not paid within agreed terms: 72%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
McCormick UK Ltd has over 60 payment codes currently being used. Net 90 days is the most common (28% of all invoices in reporting period), followed by Net 30 days (19% of all invoices in reporting)
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
180 days
180 days payment term is agreed with limited number of global suppliers, on a mutually agreed basis. Financing facility offered by McCormick to minimise any financial impact
Any other information about payment terms
The average number of payment days does not consider the reduced payment term for our vendors under our supplier vendor financing which is on average 10 days.
Dispute resolution process
McCormick UK Ltd has a dedicated Accounts Payable Shared Service Centre to address business inquiries relating to invoice and payment processing. The service centre can be contacted via email or phone. The centre will investigate any delays or issues in payment in order to resolve any queries as soon as possible
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, this business has not signed up to a code of conduct or standards on payment practices.
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