GOV.UK
RANK LEISURE HOLDINGS LIMITED
Company number: 01841255
Reporting period:
1 January 2022
to 30 June 2022
This report was filed on 29 July 2022
and approved by Richard Harris
Payment statistics
Average time taken to pay invoices: 43 days
Invoices paid:
- within 30 days: 62%
- in 31 to 60 days: 22%
- in 61 days or more: 16%
Invoices due but not paid within agreed terms: 86 %
Payment terms
Shortest standard payment period
5 days
Longest standard payment period
60 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 and taking into account the impact of the COVID-19 pandemic. Any payment terms less than 30 days must be agreed in advance with the Rank’s Senior Finance Leadership team.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
As a result of COVID-19 and in the recovery from the pandemic, the Company changed the frequency of its payment cycles, as disclosed with suppliers, which has resulted in some agreed payment terms being extended.
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