BRITISH SUGAR PLC
Company number: 00315158
Reporting period:
16 March 2019 to 31 August 2019
Report filed on:
17 September 2019
Approved by:
Paul Kenward
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 43%
- in 31 to 60 days: 32%
- in 61 days or more: 25%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 9%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard payment terms are 60 days upon agreement with the supplier. Shorter payment terms are agreed if needed with smaller suppliers (generally between 7 and 30 days). Terms longer than 60 days can be negotiated with suppliers (especially on capital projects) as part of normal ongoing commercial arrangements with larger suppliers. Up to 31 August 2019, the company offered a supplier invoice financing (“SIF”) option whereby the supplier agreed to 90 day terms in return for which it gave the supplier the ability to draw down funds through the bank sooner than the invoice due date (for a notional interest fee payable to the bank). This option was only taken up by very few suppliers and consequently from 1 September 2019, the company has withdrawn the SIF option in order to improve its payments practices. Going forward, all suppliers previously on the platform are on terms of 60 days or less and are no longer liable for any finance charge.
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
No further comment provided
Dispute resolution process
All invoice queries are chased regularly by the Accounts Payable ("AP") team with the person who raised the order for a resolution within its due date. If no response is received this is escalated to their manager. The AP team will also request any necessary back-up documentation (PODs etc) from the supplier to help resolve the query. If a supplier is querying the payment terms they are on, this is sent to the Procurement department to review against the contract.
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
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.
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