The data for INCHCAPE RETAIL LIMITED shows a fluctuating trend in the average time taken to pay invoices. From 2018 to 2021, there was a gradual decrease in the average time, reaching a low of 53 days in 2021. However, in 2022, the average time increased to 55 days.
The data also shows a high level of volatility in the percentage of invoices paid within 30 days. In 2018, the percentage was 45% and it fluctuated between 29% and 54% until 2021. In 2022, there was a significant increase to 57%, indicating a decrease in volatility.
From 2018 to 2021, there was a gradual decrease in the average time taken to pay invoices for INCHCAPE RETAIL LIMITED. In 2022, the average time increased slightly to 55 days. The percentage of invoices paid within 30 days also showed a fluctuating trend, with a significant increase in 2022. The company has consistently paid 3% of their invoices within their agreed terms, with a standard payment period of 3 days.
| 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 | 29 Jan 2024 | |||||
| 01 Jan 2023 - 30 Jun 2023 | 31 Jul 2023 | |||||
| 01 Jul 2022 - 31 Dec 2022 | 02 Feb 2023 | |||||
| 01 Jan 2022 - 30 Jun 2022 | 27 Jul 2022 | 55 | 24% | 57% | 19% | 24% |
| 01 Jul 2021 - 31 Dec 2021 | 27 Jul 2022 | 53 | 34% | 49% | 17% | 20% |
| 01 Jan 2021 - 30 Jun 2021 | 27 Jul 2022 | 57 | 36% | 42% | 22% | 26% |
| 01 Jul 2020 - 31 Dec 2020 | 21 Jan 2021 | 66 | 24% | 44% | 32% | 32% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 77 | 29% | 36% | 34% | 27% |
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 37 | 54% | 41% | 5% | 17% |
| 01 Jan 2019 - 30 Jun 2019 | 24 Jul 2019 | 38 | 52% | 39% | 9% | 18% |
| 01 Jul 2018 - 31 Dec 2018 | 25 Jan 2019 | 39 | 43% | 46% | 11% | 28% |
| 01 Jan 2018 - 30 Jun 2018 | 20 Jul 2018 | 38 | 45% | 45% | 10% | 28% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
3 days for goods for resale 60 days for goods not for resale
Were there any changes to the standard payment terms in the reporting period?
Extension of goods not for resale from 30 to 60 days. Changes made to new suppliers only, no existing suppliers affected.
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
60
Directors / senior representatives to meet within 28 days of notice to resolve the dispute in good faith. If it remains unresolved, the parties will enter into mediation via the Centre for Effective Dispute Reduction
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
Inchcape Retail Limited is the former name of the registered company now known as Group 1 Retail Limited, according to Companies House records. Its stated business activities cover the sale of new cars and light motor vehicles, maintenance and repair of motor vehicles, and wholesale trade of motor vehicle parts and accessories. The company remains active, having first been incorporated in December 1923. No further detail on trading operations, ownership structure or scale is available from the evidence supplied beyond these registered activities and the historical charge record noted on the company's Companies House file.
Generated from the company's website and Companies House records. Sources: find-and-update.company-information.service.gov.uk