GOV.UK
RANK LEISURE HOLDINGS LIMITED
Company number: 01841255
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 31 July 2018
and approved by Clive Jennings
Payment statistics
Average time taken to pay invoices: 16 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 10%
- in 61 days or more: 8%
Invoices due but not paid within agreed terms: 18 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
45 days
Standard payment terms
The majority of Rank’s suppliers are set to 30 days payment terms which is stipulated within the market tenders inviting commercial proposals, although some suppliers provide longer payment terms as part of the formal negotiation to provide a more attractive commercial model. Any payment terms less than 30 days must be agreed in advance with the Rank’s Senior Finance Leadership team.
Rank implemented a new integrated finance system in March 2018. Due to some issues with the functionality of the system there has been a higher amount of suppliers not being paid in the agreed 30 day terms. There is planned development in this area to ensure that invoice and process flows are optimised for payments made within terms.
There have been no changes to these terms in the past 6 months
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
45 days
Any other information about payment terms
N/A
Dispute resolution process
Purchase orders are raised for the majority of purchases to an approved Rank supplier. Contact details of the person raising the purchase order are given to the supplier on the purchase order. This would normally be the first point of contact for a supplier to resolve a payment dispute. The purchase order also includes terms and conditions of purchase. Section 6.3 under Payment states "If the buyer (Rank) fails to make any payment due to the seller under the contract by the due date for payment then the buyer shall pay interest on the overdue amount at the rate of 2% per annum above the National Westminster Bank Plc's base rate. Such interest shall accrue on a daily basis from the due date until the actual payment whether before or after judgement. This clause does not apply to payments that the buyer disputes in good faith".
Rank would normally advise a supplier if there was an issue with goods or services delivered and request a credit note. If this was disputed by the supplier then again the person that raised the PO would normally negotiate this directly.
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.
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