TESCO FAMILY DINING LIMITED
Company number: 08514605
Reporting period:
26 February 2018 to
26 August 2018
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