ALDERMORE BANK PLC
Company Information
- Company Number
- 00947662
- Registered Address
- Apex Plaza, Forbury Road, Reading, RG1 1AX
- Status
- Active
- Employee Count
- 1347.0
- Turnover
- 915000000.0
- EBITDA
- 177000000.0
Additional Details
- Website
- https://absoluteif.co.uk/
- Company Type
- Public limited Company
- Incorporated On
- 10 February 1969
- Nature of Business
- 64191 - Banks
- Industries
- Financial Services
- Region
- South East
Company Location
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Financial Metrics
Time to Pay
Payment Timeline
Payment Features
Payment Time Trends
Payment Distribution Trends
Performance Reports History
| 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 | 31 Jan 2024 | 23 | 78% | 14% | 8% | 22% |
| 01 Jan 2023 - 30 Jun 2023 | 31 Jul 2023 | 18 | 86% | 11% | 3% | 24% |
| 01 Jul 2022 - 31 Dec 2022 | 27 Jan 2023 | 31 | 73% | 18% | 9% | 29% |
| 01 Jan 2022 - 30 Jun 2022 | 29 Jul 2022 | 32 | 76% | 15% | 9% | 23% |
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 18 | 92% | 7% | 1% | 12% |
| 01 Jan 2021 - 30 Jun 2021 | 29 Jul 2021 | 18 | 94% | 5% | 1% | 9% |
| 01 Jul 2020 - 31 Dec 2020 | 28 Jan 2021 | 17 | 94% | 5% | 1% | 10% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 20 | 88% | 11% | 1% | 17% |
| 01 Jul 2019 - 31 Dec 2019 | 29 Jan 2020 | 20 | 84% | 15% | 1% | 29% |
| 01 Jan 2019 - 30 Jun 2019 | 19 Jul 2019 | 21 | 88% | 11% | 1% | 19% |
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 24 | 81% | 17% | 2% | 24% |
Company Summary
ALDERMORE BANK PLC is a UK-based bank that offers a range of financial services and products to individuals, businesses, and institutions
The bank was founded in 2009 and is headquartered in Reading, England
The bank's sustainability program focuses on responsible and ethical practices in its operations and services
They aim to reduce their environmental impact and support local communities through various initiatives, such as using renewable energy sources, supporting charities, and promoting employee volunteerism
ALDERMORE BANK PLC offers a variety of products and services, including personal and business savings accounts, mortgages, asset finance, invoice finance, and commercial loans
They also have a range of digital banking services, making it convenient for customers to manage their finances
The key people at ALDERMORE BANK PLC include Phillip Monks, the CEO, and James Mack, the CFO
The bank has a team of experienced professionals who are committed to providing excellent customer service and driving the bank's growth
To contact ALDERMORE BANK PLC, customers can visit their website at www.aldermore.co.uk or call their customer service hotline at 0333 321 1000
The registered office address is 1st Floor, Block B, Western House, Lynch Wood, Peterborough, PE2 6FZ, United Kingdom
In summary, ALDERMORE BANK PLC is a sustainable and customer-focused bank that offers a range of financial products and services
With its experienced team and commitment to responsible practices, the bank is well-positioned to serve the needs of its customers and contribute to the community
Company Review
Trend Analysis
The data for ALDERMORE BANK PLC shows a consistent pattern of improvement in the average time taken to pay invoices over the past five years. From an initial average of 24 days in 2018 to a current average of 18 days in 2023, there has been a steady decrease in the time taken to pay invoices. This trend indicates that the company is becoming more efficient in their payment processes.
Volatility Analysis
The data also shows a decrease in volatility in the percentage of invoices paid within 30 days. In 2018, the percentage was 81%, but it has consistently remained above 90% in the past three years. This suggests that the company has implemented more stable payment processes, resulting in a more consistent payment pattern.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
Aldermore Bank PLC agrees appropriate terms of payment with suppliers for each transaction or series of transactions and abides by those terms based on the timely submission of valid invoices. In the absence of agreed terms with a supplier, the Bank’s policy is to pay within 30 days of receipt of a valid invoice. The most frequently agreed term with suppliers is 30 days from receipt of a valid invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
45
Dispute Resolution Process
Aldermore Bank PLC's process of dealing with potential queries begins by contracting the representative who originally approved the service or goods to be provided. In addition, the Accounts Payable Department can assist by email (purchase.ledger@aldermore.co.uk) or phone (01189 556833). Should the query still not be resolved, it will be referred to the Director of Central Finance for further consideration.
Other Payment Information
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
