THE BODY SHOP INTERNATIONAL LIMITED
Company number: 01284170
Reporting period:
1 July 2022 to 31 December 2022
Report filed on:
30 January 2023
Approved by:
David Boynton
Payment statistics
Average time taken to pay invoices: 9 days
Invoices paid:
- within 30 days: 96%
- in 31 to 60 days: 3%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 4%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
90 days
Standard payment terms
The Body Shop International Limited works to a standard set of payment terms, which are 45 days from end of month after the invoice is received and 60 days from invoice for stock Variations to standard terms exist based on agreements with suppliers, including payments for rent and utilities. The Body Shop at Home Consultants are paid within 7 days in accordance with “The Body Shop at Home Independent Consultant Agreement”
Were there any changes to the standard payment terms in the reporting period?
During the first half of 2022, The Body Shop International Limited renegotiated the standard payment terms with all vendors and in starting in July 2022, the standard payment terms were increased from 30 to 45 days end of month.
Were suppliers notified or consulted about these changes before they were made?
Consultation with the largest suppliers, and email notification for all others.
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
During the first half of 2022, The Body Shop International Limited renegotiated the standard payment terms with all vendors and in starting in July 2022, the standard payment terms were increased from 30 to 45 days end of month. In addition, due to a new process implemented in June 2022, the number of payments to The Body Shop at Home Consultants increased significantly, which had a positive impact on the payment statistics.
Dispute resolution process
The Body Shop International Limited ordinarily engages with suppliers under our General Terms of Purchase or other standardized supply agreements. Initially, supplier disputes should be raised with The Body Shop’s Accounts Payable team via email, who will endeavour to resolve the dispute with the supplier. Where the issue cannot be resolved, the issue will be referred to The Body Shop employee with whom the supplier has engaged for the goods or services, or directly with our International Sourcing team as appropriate. The Body Shop at Home Consultants can raise a dispute directly on The Body Shop at Home Consultant’s portal, which will be resolved directly by The Body Shop at Home team.
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.
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