Company number: 01003142
1 July 2022
to 31 December 2022
This report was filed on 6 February 2023
and approved by Panos Kakoullis
Average time taken to pay invoices: 68 days
- within 30 days: 7%
- in 31 to 60 days: 22%
- in 61 days or more: 71%
Invoices due but not paid within agreed terms: 5 %
Shortest standard payment period
Longest standard payment period
Standard payment terms
The Group operates a number of payment terms with its suppliers and they vary due to local laws, the products and services being sourced, the competitive global markets we operate in other commercial aspects of suppliers’ relationships. These terms are by mutual agreement and usually include the offer of access to the Group’s Supplier Finance Programme.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
We offer reduced payment terms for smaller suppliers, so that they are paid in 30 days and also offer Supply Chain Financing whereby suppliers can receive their payment sooner. Our terms with other suppliers vary on the products and services being sourced, the competitive global markets we operate in and other commercial aspects of suppliers’ relationships.
Any other information about payment terms
Dispute resolution process
Queries and complaints relating to payments are handled by email by our Accounts Payable department. This email is managed each day and responses are duly made.
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.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?