ISG RETAIL LIMITED

Company number: 02721627

Reporting period:
1 July 2021 to 31 December 2021

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This report was filed on 30 January 2022

and approved by David Entwistle

Payment statistics

Average time taken to pay invoices: 28 days

Invoices paid:

• within 30 days: 77%
• in 31 to 60 days: 22%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 25%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

60 days

Standard payment terms

The company has standard payment terms of 30 days from date of invoice. Some payment terms are agreed with suppliers as part of contract negotiations. The most frequently used payment terms in the reporting period are 30 days from date of 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

60 days

No further comment provided

Any other information about payment terms

Prompt Payment Code statistics: Average time to pay in days is 26 % of payments 30 days or fewer is 88% % of payments 31 to 60 days is 11% % of payments above 60 days is 1% % of payments not paid in agreed period is 16% We are working closely with our suppliers to achieve the 30-day target for vendors with less than 50 employees. In line with this, we are always looking for ways to further improve our communication when it comes to our suppliers and we aim to make working with ISG as simple and efficient as possible. We have projects in place to streamline – particularly our incoming ‘source-to-pay’ system. This is due to go live H2 2022. It will significantly improve ISG’s ability to achieve further automation and efficiency to the benefit of our supply chain.

Dispute resolution process

The company actively seeks to resolve disputes in a timely manner. This process will involve the Accounts Payable team and where necessary the Supply Chain team, Commercial teams and Senior Management. A member of the team will contact the supplier to discuss the dispute. Supplier relationships, managed more & more in a structured way, ensure we very rarely have the need for formal dispute resolution processes. If it is not possible to reach an agreement suitable to both parties then other methods of dispute resolution may include but are not limited to adjudication, litigation etc. as determined by the companies’ legal department. This is very much seen as a last resort.

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.

Yes, this business has signed up to: Prompt Payment Code

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