RECONOMY (UK) LIMITED

Company number: 02951661

Reporting period:
1 January 2023 to 30 June 2023

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

This report was filed on 10 July 2023

and approved by John Sullivan

Payment statistics

Average time taken to pay invoices: 52 days

Invoices paid:

within 30 days: 16%
in 31 to 60 days: 63%
in 61 days or more: 21%

Invoices due but not paid within agreed terms: 65%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

Our business standard payment terms for suppliers dealing with Reconomy UK companies are 60 days end of month from the receipt of the invoice (i.e. suppliers are paid at the end of the month following a 60 day period from the date of receipt by Reconomy of a valid invoice).

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

60 days

lease see more information about Reconomy's payment terms in our Terms and Conditions which can be found through our website www.reconomy.com/supply

Any other information about payment terms

We work with suppliers to ensure that disputes are resolved in a timely manner. If a supplier has a dispute they should call our treasury team on 01952 292000 or email accounts payable on treasury@reconomy.com

Dispute resolution process

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.

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.

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?

Cookies on Payment practices reporting