GOV.UK
PINNACLE INSURANCE PLC
Company number: 01007798
Reporting period:
1 July 2022
to 31 December 2022
This report was filed on 16 January 2023
and approved by Sophie Luton
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 73%
- in 31 to 60 days: 16%
- in 61 days or more: 11%
Invoices due but not paid within agreed terms: 53 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
30 days
Standard payment terms
Our payment terms are generally 30 days from invoice tax point date based on the timely submission of satisfactory invoices. Many of our suppliers will submit invoices on their own payment terms which may differ from ours. Where a supplier’s payments terms are less than our standard 30 days, we use our best endeavours to pay such invoices according to that supplier’s terms.
Invoices can be emailed to purchaseledger@pinnaclepetgroup.com or alternatively sent to the following address:
Purchase Ledger Department
Pinnacle Insurance plc, Pinnacle House, A1 Barnet Way, Borehamwood, Hertfordshire WD6 2XX
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
The Company’s aim is to resolve disputes as quickly as possible with the support of a dedicated Purchase Ledger team. Escalation is assigned to the Company representative who manages the relationship with the supplier with further escalation to the Executive Management Group should this be required.
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