Published reports

CORNEY AND BARROW LIMITED

Company number: 02296476

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

Reporting period:

1 May 2020 to 31 October 2020

Report filed on:

25 November 2020

Approved by:

P S Masters

Payment statistics

Average time taken to pay invoices: 27 days

Invoices paid:

within 30 days: 87%
in 31 to 60 days: 9%
in 61 days or more: 4%

Late and disputed:

payments due in the reporting period which have not been paid within the agreed period: 14%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

90 days

Standard payment terms

With the exception of broking transactions, Corney and Barrow does not have standard payment terms. Differing payment terms are agreed as between the UK and overseas suppliers during the course of contractual negotiations. It should be noted that, in the case of broking transactions, 30 days payment terms means payment will be made in the week in which the 30 day period falls. Therefore payment could be upto 34 days from the date of the broking sales advice but still be within agreed terms.

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

For broking transactions, the 30 days payment term became no longer subject to Corney and Barrow having received payment from the buyer of the wine.

Were suppliers notified or consulted about these changes before they were made?

Customers notified for all new broking transactions post the effective date of the change.

Maximum contractual payment period agreed

259 days

An overseas supplier who sets a due date to coincide with delivery of the wine to the UK. It is not a standard period imposed by Corney and Barrow.

Any other information about payment terms

None

Dispute resolution process

This would be dealt with by the buyer responsible for the supplier relationship

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.

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.

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?