| 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 |
|---|---|---|---|---|---|---|
| 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 is a British clothing retailer that specializes in men's and women's formal wear. The company was founded in 1898 by Thomas Mayes Lewin and has since expanded to over 70 stores in the UK, as well as international locations.
The company's sustainability program focuses on reducing their environmental impact through various initiatives, such as using sustainable materials in their products and reducing waste in their operations. They also have a partnership with the charity "CottonConnect" to support sustainable cotton farming practices.
T.M.Lewin offers a range of products and services, including suits, shirts, ties, and accessories for both men and women. They also offer a made-to-measure service for customers looking for a more personalized fit. The company prides itself on its high-quality products and attention to detail, with a focus on classic designs and timeless style.
Some key people within the company include CEO Sven Gaede, who has been with T.M.Lewin since 2016, and Creative Director John Francomb, who has been with the company for over 20 years. Their leadership and expertise have helped the company maintain its reputation as a leading formal wear retailer.
The company's website address is www.tmlewin.co.uk, where customers can browse and purchase their products online. The registered office address is 100 New Bridge Street, London, EC4V 6JA, United Kingdom. Overall, T.M.Lewin & Sons Limited is a well-respected and established company that provides high-quality formal wear while also prioritizing sustainability.