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GYMSHARK LTD

Company number: 08130873

Reporting period:
1 February 2023 to 31 July 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 February 2024

and approved by Mat Dunn

Payment statistics

Average time taken to pay invoices: 38 days

Invoices paid:

• within 30 days: 35%
• in 31 to 60 days: 41%
• in 61 days or more: 24%

Invoices due but not paid within agreed terms: 64 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

90 days

Standard payment terms

Gymshark’s standard payment terms are: for stock, 60 days from date of hand over unless agreed otherwise; for non-stock, 30 days paid on the 5th working day of each month unless agreed otherwise.

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

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

N/A

Dispute resolution process

All disputes are initially dealt with by Accounts Payable. We have a designated Accounts Payable contact for each business segment to ensure queries are dealt with in a timely manner. If bank details are in dispute, invoices are placed on hold in the system until resolution. Any invoices that are resolved would go through for payment on the next available pay run which is done once a month on the 5th working day of the month.

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

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.

No

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.

No

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