Company number: 08514605
and approved by Robert Welch
Average time taken to pay invoices: 40 days
Invoices paid:
Invoices due but not paid within agreed terms: 4%
5 days
45 days
5 days 30 days 45 days
We recognised that the pandemic has been a particularly challenging time for our smaller suppliers, so between April and June 2020 we temporarily shortened their payment terms from 14 days to 5 days. In practice, we initiated payment of invoices immediately, with funds clearing within five working days. Once it became clear that this support continued to be necessary, we have made this change permanent. For goods and services not for resale a vendor financing solution has also been made available to suppliers allowing them to take earlier payments where needed.
We recognised that the pandemic has been a particularly challenging time for our smaller suppliers, so between April and June 2020 we temporarily shortened their payment terms from 14 days to 5 days. In practice, we initiated payment of invoices immediately, with funds clearing within five working days. Once it became clear that this support continued to be necessary, we have made this change permanent. For goods and services not for resale a vendor financing solution has also been made available to suppliers allowing them to take earlier payments where needed.
45 days
Most of the suppliers are paid on 45 days payment terms as per Tesco Standard Terms. However, there are a few suppliers that are set up for 5 days and 30 days.
N/A
The business manages all queries through a generic mailbox with a dedicated team. If there is a dispute, the business calls the relevant vendor and follow up with an email to resolve the matter. All queries are usually resolved within 7 days. The business has an escalation matrix which is shared with vendors. The business conducts periodic governance reviews on the performance of the query team to ensure that queries are resolved timely and satisfactorily, thereby ensuring a build-up of invoices on hold is avoided and vendors are paid accurately.
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: GSCOP
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
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