Published reports

WORKSPACE GROUP PLC

Company number: 02041612

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

Reporting period:

1 April 2025 to 30 September 2025

Report filed on:

29 October 2025

Approved by:

DAVID BENSON

Contracts and payments

Do any of this business's construction contracts with its suppliers include retention clauses? Yes

Payment statistics

Average time taken to pay invoices: 15 days

Total value paid:

within 30 days: £70,496,222 (91%)
in 31 to 60 days: £5,249,323 (7%)
in 61 days or more: £2,143,000 (3%)

Invoices paid:

within 30 days: 86%
in 31 to 60 days: 8%
in 61 days or more: 6%

Late and disputed:

total value of payments due in the reporting period which have not been paid within the agreed period: £28,905,000
payments due in the reporting period which have not been paid within the agreed period: 39%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

60 days

Standard payment terms

Purchase Order Payment terms: payment to be made- within 28/30 days from the receipt of an undisputed valid invoice.

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

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

N/A

Maximum contractual payment period agreed

30 days

No further comment provided

Any other information about payment terms

No further comment provided

Retention clauses

How does this business use retention clauses?

All construction contracts include retention clauses.

Does this business only use retention clauses in construction contracts above a specific contract sum?

Does this business use a standard percentage rate in retention clauses?

Yes: 2%

Does this business apply retention clause practices that are no more onerous than those applied to it on the same project?

Releasing money under a retention clause

Process for releasing money this business has deducted or retained under a retention clause

End of defects inspection is carried out in the contract , 12 months post practical completion. Once the defects are rectified, a certificate of making good is released. The contractor then submits a valuation to request the retention, the contract administrator issues a certificate of payment to release the retention.

Is the money released in stages?

Amount retained from suppliers in the reporting period

Amount retained stated as a percentage of the money retained from this business by its clients

Amount retained stated as a percentage of the total construction payments made by this business

Dispute resolution process

If a dispute is received then it is reviewed by the Head of Project Management and Building Surveying along with the Building team. If any further departments are required to be included then they will at the appropriate stage. The Building team aims to come to an agreement with the contractor to resolve an issues as soon as possible. If an agreement is not received, the team will instruct external solicitors to help with achieving a satisfactory outcome, whether through negotiations, mediation and arbitration. All disputes are aimed to be settled outside of the court. https://www.workspace.co.uk/investors/sustainability/our-policies/supplier-code-of-conduct/supplier-code-of-conduct

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?