GXO LOGISTICS DRINKS LIMITED
Company number: 05761433
Reporting period:
1 July 2021 to 31 December 2021
Report filed on:
24 February 2022
Approved by:
Graham Moore
Payment statistics
Average time taken to pay invoices: 50 days
Invoices paid:
- within 30 days: 26%
- in 31 to 60 days: 70%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 40%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
90 days
Standard payment terms
Standard payment terms are 90 days
Were there any changes to the standard payment terms in the reporting period?
Following the acquisition of the Kuehne & Nagel business in 2021, suppliers were set up on GXO pay terms which are 60 days from invoice. Further review of supplier contracts highlighted a number suppliers had contractual payment terms of 30 days or 30 days from the end of the month following invoice. Suppliers pay terms were subsequently amended back to the contractual terms which was communicated to suppliers via email.
Were suppliers notified or consulted about these changes before they were made?
Via email
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
If a supplier has a dispute with any invoice, we investigate the query and seek to resolve the concern in a timely manner.
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 Fair 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.
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