ALDERMORE BANK PLC

Company number: 00947662

Reporting period:
1 July 2021 to 31 December 2021

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This report was filed on 28 January 2022

and approved by Claire Cordell

Payment statistics

Average time taken to pay invoices: 18 days

Invoices paid:

• within 30 days: 92%
• in 31 to 60 days: 7%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 12%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

Aldermore Bank PLC agrees appropriate terms of payment with suppliers for each transaction or series of transactions and abides by those terms based on the timely submission of valid invoices. In the absence of agreed terms with a supplier, the Bank’s policy is to pay within 30 days of receipt of a valid invoice. The most frequently agreed term with suppliers is 30 days from receipt of a valid invoice.

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

45 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Aldermore Bank PLC's process of dealing with potential queries begins by contracting the representative who originally approved the service or goods to be provided. In addition, the Accounts Payable Department can assist by email (purchase.ledger@aldermore.co.uk) or phone (01189 556833).

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.

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