Company number: 04050190
and approved by Cécile Parker
Average time taken to pay invoices: 36 days
Invoices paid:
Invoices due but not paid within agreed terms: 36%
1 days
60 days
Vital Energi Utilities Limited is committed to supporting its supply chain partners during these challenging times. The company has a long history of working with SME suppliers, and it understands the importance of these relationships. In recent months, Vital Energi has taken a number of steps to support its suppliers, including: Reducing payment terms: Where appropriate, Vital Energi has reduced its payment terms to help suppliers manage their cash flow. Providing financial assistance: In some cases, Vital Energi has provided financial assistance to suppliers who have been particularly affected by the recent challenges. Working with suppliers to find solutions: Vital Energi has worked with suppliers to find solutions to the challenges they are facing. Vital Energi is confident that these measures will help its suppliers to weather the current storm and continue to provide the high-quality services that the company needs. In addition to the above, Vital Energi also: Provides regular communication with its suppliers to keep them updated on the latest developments. Works with suppliers to promote innovation and collaboration. Vital Energi is committed to building a strong and sustainable supply chain that can support the company's growth in the years to come. Here are some additional details about Vital Energi's payment terms: The company's standard payment terms are 30 days. However, Vital Energi is willing to negotiate payment terms on a case-by-case basis. The company also offers ad hoc immediate payments for urgent or time-sensitive orders. Vital Energi is committed to paying its suppliers on time and in full. The company understands that the timely payment of invoices is essential for suppliers to maintain their financial health and continue to provide the services that Vital Energi needs.
Answer not provided
N/A
60 days
Payment terms are broadly in line with our previous reporting period and the company is constantly reviewing options to improve these further.
The company is constantly reviewing its payment processes and is working towards further reducing and improving invoice processing/payment times. Currently, the company is working on the following initiatives: Accounts payable processes automation: The company is implementing a new accounts payable system that will automate many of the manual tasks involved in processing invoices. This is expected to significantly reduce the time it takes to process invoices and make payments. Web-based goods receipting: The company is implementing a new web-based goods receipting system that will allow suppliers to electronically submit goods receipts. This will eliminate the need for paper goods receipts, which will further reduce the time it takes to process invoices and make payments. Staff training: The company is providing training to its staff on the new accounts payable system and web-based goods receipting system. This training will ensure that staff are able to use the new systems effectively and efficiently. The company expects to implement the bulk of these initiatives by the next reporting date (December 2023). Once these initiatives are implemented, the company expects to see significant improvements in its payment performance.
In every case, in the first instance we seek to resolve disputes through dialogue and in almost all cases, that is the manner in which matters of payment dispute are resolved. Our subcontracts relate to construction operations and are subject to the Housing Grants, Construction and Regeneration Act 1996 (as amended), with which we comply.
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