BMB CLOTHING LIMITED

Company number: 04090249

Reporting period:
30 July 2022 to 28 January 2023

This information is as reported by the business, and responses are in their own words.

This report was filed on 25 February 2023

and approved by Mark Cotter

Payment statistics

Average time taken to pay invoices: 61 days

Invoices paid:

within 30 days: 52%
in 31 to 60 days: 21%
in 61 days or more: 27%

Invoices due but not paid within agreed terms: 76%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

90 days

Standard payment terms

Standard contractual terms for goods and services is 30 days. For the Bulk Stock suppliers the standard contractual terms is 90 days.

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

Yes – BMB have successfully made the last of the CVA dividend payments in the year. BMB are continuing to work with Bulk Stock suppliers to renegotiate payment terms to better match the product life-cycle.

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

Yes – suppliers were consulted throughout the negotiation processes to achieve an agreed outcome.

Maximum contractual payment period agreed

120 days

Any other information about payment terms

Dispute resolution process

The main point of contact for disputes in the Accounts Payable Team based at the Leeds Head Office. When an invoice is disputed, the supplier is required to provide any missing information or a corrected invoice to supplier.queries@bmb-clothing.com. The PO number is communicated by BMB employee at the time of placing the order.

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.

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?

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