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Company number: 07640706

Reporting period:
1 May 2023 to 31 October 2023

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

This report was filed on 16 November 2023

and approved by Laura Cameron

Payment statistics

Average time taken to pay invoices: 22 days

Invoices paid:

Invoices due but not paid within agreed terms: 32 %

Payment terms

Shortest standard payment period

45 days

Longest standard payment period

76 days

Standard payment terms

In the absence of any dispute notified to the [supplier] and unless otherwise specified in the [contract], the Customer shall pay each invoice within ten Business Days of the second month following the month of receipt by the Customer.

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


Maximum contractual payment period agreed

76 days

76 days represents the payment period described in our standard payment terms in our standard contracts. In practice, reduced payment periods are often incorporated into supplier contracts. The most frequently occurring payment period in our contracts is 45 days from the date of receipt of invoice.

Any other information about payment terms

We are in the process of implementing new technology that will enable us to record agreed payment terms across supplier contracts. For the purposes of this report, we have assumed 30 day payment terms (which are generally shorter than those agreed) as the basis for reporting the percentage of invoices not paid within the agreed period.

Dispute resolution process

If a supplier has any disputes or concerns regarding any aspect of our payment process, their first contact would be the contract owner in the business (whose details would be included in any engagement documentation or contract). In the absence of that, suppliers may contact our Accounts Payable department directly through the main switchboard. The aim of any conversation is always to resolve any issue in a timely and collaborative manner, in order to maintain a good working relationship. If those involved are unable to find a solution, then the issue would be escalated within the business operations group to managerial level and above.

Our more substantial contracts often contain a dispute resolution process agreed with the supplier that describes various levels of escalation through to senior management, typically as follows:
• issue referred to the parties’ respective contract managers for resolution within 5 business days;
• if not resolved within 5 business days, issue escalated to Pinsent Masons’ business operations director and supplier’s account manager, and thereafter to one further level of senior management for resolution within a further 10 business days in total.

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

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?