TESCO FAMILY DINING LIMITED

Company number: 08514605

Reporting period:
26 February 2018 to 26 August 2018

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This report was filed on 21 September 2018

and approved by Karandeep Singh

Payment statistics

Average time taken to pay invoices: 45 days

Invoices paid:

• within 30 days: 10%
• in 31 to 60 days: 88%
• in 61 days or more: 3%

Invoices due but not paid within agreed terms: 11%

Payment terms

Shortest standard payment periods

14 days

Longest standard payment period

45 days

Standard payment terms

We have three standard payment terms 1. 14 days 2. 30 days 3. 45 days

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

Answer not provided

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

N/A

Maximum contractual payment period agreed

45 days

Most of the suppliers are paid on 45 days payment terms as per Tesco Standard Terms. However, there are a few suppliers that are set up for 14 days and 30 days . These are legacy contracts and we are looking to move them onto Tesco Standard Terms as their current contracts expire.

Any other information about payment terms

N/A

Dispute resolution process

We manage all queries through a generic mailbox with a dedicated team. If there is a dispute, we would call the relevant vendors and follow up with an email to resolve. All queries are usually resolved within 7 days. We have an escalation matrix which is shared with vendors. We conduct periodic governance on the performance of the query team to ensure that queries are resolved timely and satisfactorily, thereby ensuring a build-up of invoices on hold is avoided and vendors are paid accurately.

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.

Yes, this business has signed up to: GSCOP & Prompt payment code

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.

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