Company number: 04000281
and approved by James Benjamin Lee
Average time taken to pay invoices: 18 days
Invoices paid:
Invoices due but not paid within agreed terms: 17%
0 days
45 days
There have been no changes to our standard payment terms however should a supplier have been newly appointed during the reporting period then our standard internal payment terms are made known on the supplier set up form as issued to the supplier for completion at the time of appointment. Additionally, from January 2019 scheduled payments to suppliers are now made four times in each calendar month, previously paid twice monthly.
Answer not provided
N/A
45 days
No further comment provided
Following a transaction which completed on 31st August 2021, Priory Education Services Limited (PESL) is no longer part of the Priory Group. There is a transitional services agreement in place, which means that Priory remains responsible for paying suppliers on behalf of PESL and therefore we will continue to report figures for this entity until the new back office support functions are fully established. The Priory Group Accounts Payable system records the supplier invoice date and the date the payment to the supplier was processed, it does not record the date of receipt of the invoice. An exercise was undertaken to determine the average time taken in days between the date of the supplier invoice and the date the invoice was received by the Accounts Payable team in order to estimate the number of days taken to make payments from the date of receipt of invoice. Also effective for the period from 1st July to 31st December 2019; when determining the percentage of payments due within the reporting period which were not paid within the agreed payment period, we have calculated this with reference to contractual payment terms agreed with the supplier, where previously this had been with reference to internal payment term targets set up within the Accounts Payable system. In some instances internal payment term targets recorded in the Accounts Payable system are lower than the contractual payment terms agreed with certain agency staff suppliers.
Disputes relating to payment are referred to the Group Accounts Payable Manager located at the Priory Group Northern Office, Middleton St George in the first instance to determine the reasons for such disputes. Thereafter follows an established process involving discussions with the supplier in question, operational teams, Group Purchasing and other central support services personnel as needed in an effort to satisfactorily resolve such disputes in a timely manner.
For example, signatories to The Prompt 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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No