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MARKS AND SPENCER P.L.C.

Company number: 00214436

Reporting period:
2 October 2022 to 1 April 2023

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

This report was filed on 28 April 2023

and approved by Jeremy Townsend

Payment statistics

Average time taken to pay invoices: 33 days

Invoices paid:

• within 30 days: 60%
• in 31 to 60 days: 27%
• in 61 days or more: 13%

Invoices due but not paid within agreed terms: 1 %

Payment terms

Shortest standard payment period

7 days

Longest standard payment period

90 days

Standard payment terms

M&S standard payment terms are:

• Food vendors: 19 days
• Clothing & Home vendors: 90 days
• Goods Not for Resale vendors: 75 days
• GIST: End of month following date of compliant invoice

Payments that fall due on a weekend or bank holiday are paid and cleared by the prior working day.

In certain circumstances, M&S may agree to shorter payment terms with suppliers as part of an overall commercial agreement.

Small food vendors that have annual spend of under £4m have terms of 7 days.

For UK vendors, 96% of invoices are paid within 60 days.

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

No

Maximum contractual payment period agreed

90 days

No

Any other information about payment terms

• M&S offer a Supply Chain Finance solutions that enables suppliers to obtain funds in advance of agreed payment terms.
• M&S are entitled to offset any of the supplier’s invoices any amounts owing to M&S by the supplier.

Dispute resolution process

Specialist vendor help desks are available to manage all vendor queries. This includes Goods Receipt, PO, EDI, Invoicing and Payment queries.

The specialist vendor help desks offer suppliers the benefit of having a central contact available to help resolve their issue:
- The teams will be the single point of contact for all delivery, invoice and payment queries
- They track queries and seek resolution

A supplier portal is available for Food and Goods Not for Resale suppliers to view the payment status of invoices.

For food vendors, we now have the “One Food Platform” which enables suppliers to update their business contact details; enable purchase order amendments; use a stock movement tool and to also access the supplier portal.

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 – Prompt Payment Code (M&S Plc) and The Groceries Supply Code of Practice (M&S Plc)

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.

Yes

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