MARKS AND SPENCER P.L.C.
Company number: 00214436
Reporting period:
1 October 2023 to 30 March 2024
Report filed on:
26 April 2024
Approved by:
Jeremy Townsend
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 62%
- in 31 to 60 days: 25%
- in 61 days or more: 13%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 1%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
90 days
Standard payment terms
M&S standard payment terms are: • Food suppliers: 19 days • Clothing & Home suppliers: 90 days • Goods Not for Resale suppliers: 75 days • GIST: End of month following date of 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 suppliers that have annual spend of under £4m have terms of 7 days. Although M&S did not meet the full terms of the Prompt Payment Code within the period of reporting, it is in compliance for its UK-based suppliers; 97% of UK supplier invoices are paid within 60 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
M&S offer a Supply Chain Finance solution 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 supplier help desks are available to manage all supplier queries. This includes Goods Receipt, PO, EDI, Invoicing and Payment queries. The specialist supplier help desks offer suppliers the benefit of having a central contact available to help resolve their issue: o The teams will be the single point of contact for all delivery, invoice and payment queries. o They track queries and seek resolution. A supplier portal is available for C&H and Goods Not for Resale suppliers to view the payment status of invoices. For food suppliers, 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. For C&H, as well as our UK based supplier help desk and portal, we have regional offices in Bangladesh; India; Sri Lanka; Hong Kong; Vietnam and China which can then communicate using local customs and languages.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Prompt Payment Code (M&S Plc) (for UK based suppliers, M&S Plc currently pay 97% of invoices within 60 days and 70% within 30 days) 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