RFIB GROUP LIMITED
Company Information
- Company Number
- 01502259
- Registered Address
- 71 Fenchurch Street, London, United Kingdom, EC3M 4BS
- Status
- Liquidation
- Employee Count
- 144
- Turnover
- £35,057,000
- EBITDA
- -£7,043,000
Additional Details
- Website
- https://rfib.com
- Company Type
- Private limited Company
- Incorporated On
- 17 June 1980
- Nature of Business
- 65120 - Non-life insurance
- Industries
- Financial Services
- Region
- London
Time to Pay
Payment Timeline
Payment Features
Company Review
Trend Analysis
The data shows a consistent decrease in the average time taken for RFIB GROUP LIMITED to pay invoices to suppliers from 2018 to 2019. This could indicate an improvement in the company's efficiency and financial stability.
Volatility Analysis
The volatility in the % of invoices paid within 30 days and % of invoices paid later than 60 days has decreased from 2018 to 2019, indicating a more stable payment pattern for RFIB GROUP LIMITED.
Summary Analysis
From 2018 to 2019, RFIB GROUP LIMITED has shown a significant improvement in their average time to pay invoices, with a decrease from 20 days to 6 days. This improvement is also reflected in their % of invoices paid within 30 days, increasing from 42% to 89%. However, there has been a slight increase in the % of invoices paid between 31 and 60 days, from 52% to 8%, and in the % of invoices paid later than 60 days, from 6% to 3%. Overall, RFIB GROUP LIMITED has shown a positive trend towards early payment and a decrease in the number of invoices paid later than 60 days.
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 Jan 2019 - 30 Jun 2019 | 26 Jul 2019 | 6 | 89% | 8% | 3% | 25% |
| 01 Jul 2018 - 31 Dec 2018 | 26 Jul 2019 | 6 | 91% | 7% | 2% | 25% |
| 01 Jan 2018 - 30 Jun 2018 | 26 Jul 2018 | 20 | 42% | 52% | 6% | 27% |
Payment Time Trends
Payment Distribution Trends
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
Payment within the terms of contract
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
30
Dispute Resolution Process
We would contact the supplier and explain why we have a dispute with their invoice and work closely with them to resolve the issue in a reasonable time frame
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.
❌
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.
✅
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.
❌
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Company Summary
RFIB GROUP LIMITED is a leading global insurance and reinsurance broker, providing a range of services to clients across various industries. The company is committed to sustainability and has implemented a number of initiatives to reduce its environmental impact.
Their sustainability program includes reducing energy consumption, promoting recycling and waste reduction, and supporting local communities through charitable donations and volunteer work. They also have a responsible investment policy, ensuring that their investments align with their sustainability goals.
RFIB GROUP LIMITED offers a wide range of insurance and reinsurance products and services, including property and casualty, marine, aviation, and specialty lines. They work closely with clients to understand their unique needs and provide tailored solutions to meet them.
The key people at RFIB GROUP LIMITED include Chairman Mike Tripp and CEO Steven Beard, who have extensive experience in the insurance industry. The company has a team of dedicated professionals who are committed to providing excellent service to their clients.
The company's registered office address is 71 Fenchurch Street, London, EC3M 4BS, United Kingdom. Their website, www.rfib.com, provides more information about their services, sustainability program, and key people. Clients can also contact them through their website or by phone at +44 (0)20 7337 3000.
