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GXO LOGISTICS DRINKS LIMITED

Company number: 05761433

Reporting period:
1 July 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 24 February 2022

and 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%

Invoices due but not paid within agreed terms: 40 %

Payment terms

Shortest standard payment period

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?

Yes – 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?

Yes – Via email

Maximum contractual payment period agreed

90 days

Any other information about payment terms

N/A

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 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.

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