Industry ranking
Score of 81/100 qualifies for PaymentCheck Certification
The average time taken for GKN DRIVELINE BIRMINGHAM LIMITED to pay invoices has fluctuated over the past three periods, with a peak of 58 days in 2021 and a low of 25 days in 2023. However, there has been an overall decrease in the average time taken to pay invoices from 53 days in 2018 to 25 days in 2023.
GKN DRIVELINE BIRMINGHAM LIMITED has shown some volatility in their invoice payment practices over the past three periods. This is evident in the fluctuations in the average time taken to pay invoices, as well as the varying percentages of invoices paid within 30 days and between 31 and 60 days. However, there has been a consistent decrease in the percentage of invoices not paid within agreed terms, indicating a trend towards more timely payments.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2023 - 31 Dec 2023 | 30 Jan 2024 | 25 | 66% | 34% | 0% | 7% |
| 01 Jan 2023 - 30 Jun 2023 | 27 Jul 2023 | 48 | 33% | 40% | 27% | 35% |
| 01 Jul 2022 - 31 Dec 2022 | 18 Jan 2023 | 35 | 48% | 42% | 10% | 8% |
| 01 Jan 2022 - 30 Jun 2022 | 23 Jul 2022 | 47 | 25% | 57% | 18% | 6% |
| 01 Jul 2021 - 31 Dec 2021 | 17 Jan 2022 | 48 | 22% | 55% | 23% | 7% |
| 01 Jan 2021 - 30 Jun 2021 | 29 Jul 2021 | 58 | 7% | 54% | 39% | 12% |
| 01 Jul 2020 - 31 Dec 2020 | 27 Jan 2021 | 45 | 30% | 51% | 19% | 6% |
| 01 Jan 2020 - 30 Jun 2020 | 27 Jul 2020 | 50 | 20% | 54% | 26% | 15% |
| 01 Jul 2019 - 31 Dec 2019 | 28 Jan 2020 | 46 | 21% | 64% | 15% | 54% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 43 | 30% | 56% | 14% | 43% |
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 56 | 8% | 57% | 35% | 92% |
| 01 Jan 2018 - 30 Jun 2018 | 25 Jul 2018 | 53 | 9% | 62% | 29% | 84% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The company’s standard terms and conditions of purchase (available at: www.GKNAutomotive.com/GeneralPurchasingConditions) provide that payment will be due on the first bi-weekly GKN payment run date falling ninety (90) days after the later of the date on which: (a) a validly issued invoice is received by GKN; or (b) title to the products passes to GKN and/or the services are provided in full (as applicable). However, in practice these terms only apply in the absence of agreement and the company agrees payment terms with its suppliers on a case by case basis.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
104
Due to the nature of the company’s activities, disputes with its suppliers are very infrequent. The company does not have a formal dispute resolution process. Any disputes or queries should be raised with the relevant company contact for that particular contract (which varies from contract to contract) who will attempt to resolve that dispute with the supplier informally in the first instance. There have been no formal legal disputes about payments between the company and its suppliers in the reporting period.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
GKN Driveline Birmingham Limited is a long-established manufacturing entity, incorporated in 1912, previously known as Hardy Spicer Limited and later GKN Hardy Spicer Limited before adopting its current name. Its registered activity is the manufacture of other parts and accessories for motor vehicles, placing it within automotive component production. The company forms part of the wider GKN group structure, with its registered office in London. No further detail on specific products, sites or customers is available from the evidence supplied, but its classification confirms a role in supplying driveline and related components used in vehicle manufacture.
Generated from the company's website and Companies House records. Sources: find-and-update.company-information.service.gov.uk