PETROGAS GROUP UK LIMITED

Company number: 05952225

Reporting period:
1 January 2018 to 30 June 2018

This information is as reported by the business, and responses are in their own words.

This report was filed on 1 August 2018

and approved by John Diviney

Payment statistics

Average time taken to pay invoices: 37 days

Invoices paid:

within 30 days: 40%
in 31 to 60 days: 58%
in 61 days or more: 2%

Invoices due but not paid within agreed terms: 21%

Payment terms

Shortest standard payment periods

1 days

Longest standard payment period

85 days

Standard payment terms

Utility - 14 days OH suppliers - 31 days Shop sale suppliers - 30-49 days Some of the suppliers are on Direct Debit

Were there any changes to the standard payment terms in the reporting period?

Suppliers moved from Direct Debit to EFT

Were suppliers notified or consulted about these changes before they were made?

We have sent email to supplier about our intention of moving them to EFT. We agreed a date with supplier and std payment terms From that date DD has been cancelled and supplier is moved to EFT payments.

Maximum contractual payment period agreed

85 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

For payment, the complaint is either considered by Area managers/AP manager and then getting in touch with supplier to resolve the issue. At the end the payment decision is made by head if Finance/Operations

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, 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.

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?

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