DUNELM (SOFT FURNISHINGS) LTD

Company number: 02129238

Reporting period:
2 July 2017 to 1 January 2018

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

This report was filed on 30 January 2018

and approved by Keith Down

Payment statistics

Average time taken to pay invoices: 45 days

Invoices paid:

within 30 days: 10%
in 31 to 60 days: 85%
in 61 days or more: 5%

Invoices due but not paid within agreed terms: 35%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

90 days

Standard payment terms

Payment is made not later than 30 days after the end of the month in which Dunelm received the seller's invoice.

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

Answer not provided

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

N/A

Maximum contractual payment period agreed

90 days

In the case of the opening of a new store, all invoices for goods and/or services purchased for the new store are paid 90 days from the end of the store opening month.

Any other information about payment terms

Dunelm’s established business practice is to pay suppliers on the fourth Friday of each month, with payment clearing on the following Tuesday. While this means suppliers are usually paid earlier than the due date, there were two months in the reporting period where payment would have been received later than the due date by one or two days. Of the 35% of invoices not paid within agreed terms, 25 percentage points is attributable to these two periods. On a total net basis across the reporting period, suppliers benefitted from receiving payments four days earlier than the due dates, although this is not recognised in the headline statistic. Internal practices have now been changed so monthly payments will clear on or before the due date going forward.

Dispute resolution process

Dunelm is committed to working with its suppliers in a fair manner. Initial contact is made through the Accounts Payable teams. In the rare event that a resolution cannot be reached, disputes can be escalated to Buying teams, Finance Leadership and ultimately Executive Management.

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, this business has signed up to: UK 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.

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.

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?