GOV.UK
KUEHNE + NAGEL LIMITED
Company number: 01722216
Reporting period:
1 January 2022
to 30 June 2022
This report was filed on 15 July 2022
and approved by Allison Best
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 39%
- in 31 to 60 days: 41%
- in 61 days or more: 20%
Invoices due but not paid within agreed terms: 25 %
Payment terms
Standard payment period for qualifying contracts
90 days
Standard payment terms
Invoice date + 90 days - Global corporate standard. Government contracts invoice date +30 days
Were there any changes to the standard payment terms in the reporting period?
Yes – Reducing payment terms to invoice date +60 days and 95% of suppliers now on these terms or less.
Were suppliers notified or consulted about these changes before they were made?
Yes – Advised individual suppliers as appropriate.
Maximum contractual payment period agreed
90 days
90 days being reduced to 60 days.
Any other information about payment terms
General payment terms are being reduced to invoice date + 60 days and this exercise is expected to be complete by the end of Q3 2022
Dispute resolution process
Invoices that exceed an accrual are “stopped” for payment pending resolution (in dispute status). A central function called UK Invoice Dispute Team, in tandem with the restructured Working capital team, are responsible for communicating details of the dispute to the supplier and dealing with all subsequent communications. Invoices are automatically released for payment on receipt of the suppliers credit note, or on acceptance of the original charge.
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