3M UNITED KINGDOM PUBLIC LIMITED COMPANY

Company number: 01123045

Reporting period:
1 July 2023 to 31 December 2023

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

This report was filed on 30 January 2024

and approved by Lars Petter Plaaterud

Payment statistics

Average time taken to pay invoices: 60 days

Invoices paid:

within 30 days: 34%
in 31 to 60 days: 20%
in 61 days or more: 46%

Invoices due but not paid within agreed terms: 14%

Payment terms

Shortest standard payment periods

60 days

Longest standard payment period

Answer not provided

Standard payment terms

3rd Party vendors - 60 days from date of invoice. Intercompany - EOM, 15 days

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

120 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

We have a dedicated team that handles vendor queries - 3M UK AP Helpdesk. For any concerns raised by the vendors, the AP Helpdesk will work internally with the relevant teams to provide a solution, contact details Telephone: 01344 857377, email: 3mukaphelpdesk@mmm.com

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.

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.

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?