TESCO FAMILY DINING LIMITED

Company number: 08514605

Reporting period:
26 February 2024 to 25 August 2024

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

This report was filed on 23 September 2024

and approved by Robert Welch

Payment statistics

Average time taken to pay invoices: 44 days

Invoices paid:

within 30 days: 23%
in 31 to 60 days: 65%
in 61 days or more: 12%

Invoices due but not paid within agreed terms: 0%

Payment terms

Shortest standard payment periods

5 days

Longest standard payment period

60 days

Standard payment terms

5 days – small suppliers with up to £250,000 (inclusive of VAT) of business with the Company each year. 60 days – large suppliers, greater than £250,000 (inclusive of VAT) of business with the Company each year. The business has standardised payment terms across each category (The business also has 30 day & 45 day term).

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

60 days

n/a

Any other information about payment terms

n/a

Dispute resolution process

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.

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.

Yes, this business has signed up to: GSCOP

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?