| 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 |
|---|---|---|---|---|---|---|
| 24 Feb 2019 - 24 Aug 2019 | 11 Dec 2019 | 67 | 11% | 31% | 57% | 84% |
| 26 Aug 2018 - 23 Feb 2019 | 22 Mar 2019 | 56 | 17% | 33% | 50% | 79% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
T.M.Lewin's payment terms vary depending on the product or service and the supplier. Standard payment terms for overhead costs are between 30 and 60 days and are agreed with suppliers as part of negotiations. The most common payment term for stock purchases is 60 days, and occasionally up to 90 days. T.M.Lewin is implementing a new purchasing system to automate invoice matching and approval, and reduce the number of invoices which are not paid within agreed terms.
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
90
T.M.Lewin is committed to building honest, long-term relationships with suppliers. Any questions or disputes are resolved through communication with all relevant parties - the supplier, buying team and accounts payable. Any concerns are escalated to the Head of Finance to investigate and resolve.
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
T.M.Lewin & Sons Limited trades as T.M.Lewin, a menswear retailer founded in 1898 and historically based on Jermyn Street, London. The company sells shirts, suits, chinos, polo shirts, T-shirts and accessories such as ties and cufflinks through its online store. Its own account describes a history of manufacturing shirts in Southend before sourcing fabrics from mills in Italy and elsewhere, and supplying military uniforms during the First World War. Companies House records show the company's nature of business as retail sale of clothing in specialised stores. Company status is currently recorded as In Administration, and its registered office is held via an insolvency practitioner firm.
Generated from the company's website and Companies House records. Sources: tmlewin.co.uk · tmlewin.co.uk