Payment Terms
The business has no standard payment terms.
Payment terms for small local businesses and grocery suppliers are normally between 14 days and 30 days from date of invoice. Payment terms for non-food suppliers are normally between 30 days and 60 days from date of invoice.
The maximum contractual payment period is 90 days from date of invoice.
There are early settlement discounts in place for certain suppliers as part of their contractual arrangements.
Due to the timing of the weekly payment run, invoices with payment terms of 30 days and greater from date of invoice, can be paid up to five days beyond those terms. This represented 27.2% of total invoices in the reporting period.
Figures below in brackets are for the previous two 6 month periods for comparison.
Process for dispute resolution for overdue invoices
Any disputes relating to payment are referred to the Accounts Department who will investigate and aim to respond back within one working day. Disputes normally relate to missing invoices, to which a copy is requested to be sent over for processing, or price / quantity queries residing with the Buying team, who Accounts will contact to expedite a resolution.
