ROYAL MAIL GROUP LIMITED
Company number: 04138203
Reporting period:
27 September 2021
to 27 March 2022
This report was filed on 27 May 2022
and approved by Angela Noon
Payment statistics
Average time taken to pay invoices: 43 days
Invoices paid:
- within 30 days: 29%
- in 31 to 60 days: 67%
- in 61 days or more: 4%
Invoices due but not paid within agreed terms: 6 %
Payment terms
Shortest standard payment period
3 days
Longest standard payment period
63 days
Standard payment terms
Standard purchase order terms - payment processed on 45 days
Standard contract terms - payment processed on 60 days
Standard contract terms for owner drivers - payment processed on 7 days
Standard contract terms for couriers - payment processed on 14 days
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
93 days
Royal Mail Group Limited has a discretionary approach to use of standard payment terms. In contracts where the standard terms are not appropriate, particularly those involving smaller suppliers, a shorter payment period may be agreed. For example, all owner driver contracts are processed on 7 days and couriers on 14 days. Royal Mail’s standard contract clause wording relating to payment terms states that invoices are processed for payment on the relevant day stated in the payment terms, i.e. on day 60 for standard contracts and day 45 for purchase orders
Any other information about payment terms
N/A
Dispute resolution process
Complaints or concerns should be raised in the first instance with the Group Payables team, for which all suppliers have contact details. The Group Payables team will escalate where applicable to the Head of Group Payables, and the Group Procurement team.
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.
Yes
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