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INTERNATIONAL PROCUREMENT AND LOGISTICS LIMITED

Company number: 05104448

Reporting period:
26 June 2021 to 31 December 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 27 January 2022

and approved by Paul Grover

Payment statistics

Average time taken to pay invoices: 33 days

Invoices paid:

• within 30 days: 51%
• in 31 to 60 days: 45%
• in 61 days or more: 4%

Invoices due but not paid within agreed terms: 6 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

71 days

Standard payment terms

International Procurement and Logistics Limited ('IPL')’s standard contractual payment terms state that IPL will pay each correct invoice on its next weekly payment run following 30 days after the later of receipt of goods and receipt of invoice (for the majority of IPL’s goods for resale suppliers), on its next weekly payment run following 60 days after receipt of invoice (for goods not for resale suppliers) or 30 days (cash in bank) after receipt of invoice for small suppliers.

In certain specific circumstances, IPL may agree to shorter and longer payment terms with its suppliers as part of an overall commercial agreement. In particular, 60 day payment terms are often agreed for suppliers of wine and nuts and dried fruit.

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

No

Maximum contractual payment period agreed

71 days

Any other information about payment terms

Within IPL’s standard contractual terms, IPL may set off monies payable to a supplier against any monies owed to IPL by the same supplier.

Although no changes have been made to the relevant suppliers’ contractual payment terms, during the COVID-19 crisis IPL invested in supporting its small suppliers by paying them on IPL’s next weekly payment run following the relevant invoice being cleared. IPL has also supported individual suppliers to accelerate payment of invoices to facilitate continuity of supply.

Dispute resolution process

If an IPL supplier raises a query in respect of an outstanding invoice, payment or deduction, in the first instance it is handled by the Accounts Payable team through a clear query process.

If necessary the Accounts Payable team will refer to other business areas within IPL to resolve the enquiry.

If the matter remains unresolved within the target turnaround time it is escalated to senior leadership.

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