SPECSAVERS OPTICAL SUPERSTORES LIMITED
Company Information
- Company Number
- 01721624
- Registered Address
- Forum 6 Parkway, Solent Business Park Whiteley, Fareham, PO15 7PA
- Status
- Active
- Employee Count
- 42,782
- Turnover
- £3,426,710,000
- EBITDA
- £423,450,000
Additional Details
- Company Type
- Private limited Company
- Incorporated On
- 9 May 1983
- Nature of Business
- 41100 - Development of building projects47782 - Retail sale by opticians68320 - Management of real estate on a fee or contract basis
- Industries
- Healthcare And Wellbeing,Supply Chain,Manufacturing And Commerce Models
- Region
- South East
Time to Pay
Payment Timeline
Payment Features
Payment Score History
Company Review
Trend Analysis
From March 2018 to August 2023, SPECSAVERS OPTICAL SUPERSTORES LIMITED shows a fluctuating trend in their average time to pay invoices. The trend starts at 29 days in March 2018 and gradually decreases to its lowest point of 21 days in March 2021. However, from March 2022 onwards, the trend starts to increase again, reaching 37 days in August 2023. This shows that the company has had periods of both improvement and decline in their payment efficiency over the years.
Volatility Analysis
The volatility of SPECSAVERS OPTICAL SUPERSTORES LIMITED's average time to pay invoices can be seen through the fluctuating trend mentioned above. The company has experienced significant changes in their payment efficiency, with a difference of 24 days between their highest and lowest average time to pay. This shows that the company's payment process is not consistently stable and may be affected by external factors such as economic conditions and business operations.
Summary Analysis
Looking at the data for SPECSAVERS OPTICAL SUPERSTORES LIMITED, there are notable changes between the three periods. In March 2018, the company had an average time to pay of 29 days, with 71% of their invoices paid within 30 days and 21% paid between 31 and 60 days. However, their percentage of invoices paid later than 60 days was at 8%, which was the lowest among the three periods. This could be considered the best period for the company in terms of timely payments.
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 Sept 2023 - 29 Feb 2024 | 19 Mar 2024 | 36 | 75% | 13% | 12% | 31% |
| 01 Mar 2023 - 31 Aug 2023 | 29 Sept 2023 | 37 | 78% | 11% | 11% | 29% |
| 01 Sept 2022 - 28 Feb 2023 | 17 Mar 2023 | 52 | 72% | 13% | 15% | 34% |
| 01 Mar 2022 - 31 Aug 2022 | 26 Sept 2022 | 35 | 74% | 15% | 11% | 32% |
| 01 Sept 2021 - 28 Feb 2022 | 25 Mar 2022 | 24 | 80% | 14% | 6% | 24% |
| 01 Mar 2021 - 31 Aug 2021 | 23 Sept 2021 | 21 | 85% | 10% | 5% | 19% |
| 01 Sept 2020 - 28 Feb 2021 | 19 Mar 2021 | 25 | 81% | 10% | 9% | 28% |
| 01 Mar 2020 - 31 Aug 2020 | 14 Sept 2020 | 25 | 77% | 15% | 8% | 32% |
| 01 Sept 2019 - 29 Feb 2020 | 24 Mar 2020 | 31 | 68% | 22% | 10% | 43% |
| 01 Mar 2019 - 31 Aug 2019 | 19 Sept 2019 | 32 | 68% | 22% | 10% | 45% |
| 01 Sept 2018 - 28 Feb 2019 | 28 Mar 2019 | 36 | 66% | 21% | 13% | 67% |
| 01 Mar 2018 - 31 Aug 2018 | 30 Sept 2018 | 29 | 71% | 21% | 8% | 59% |
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
Standard Payment Terms are 30 days, in addition, high volumes of quarterly Rental Payments payments are processed within 7 working days from Invoice upload as per Lease agreements between Specsavers Optical Superstores and Landlords. Efforts are being made with our Suppliers who currently invoice outside standard 30 days to agree to these terms. In addition, encourage Supplier to Register to our new P2P Invoice Submission Portal Basware, allowing our Suppliers to submit Invoices to one email address, meaning a central receipt of invoices into Accounts Payable from date of 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
60
Dispute Resolution Process
All disputed invoices are referred back to the supplier to address and resolve. A disputed invoice is processed in our Accounting System and flagged as Disputed to ensure it is not picked up on the payment run. Once resolved and approved, the dispute flag is removed, allowing the invoice to be paid.
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
SPECSAVERS OPTICAL SUPERSTORES LIMITED is a well-established British company that specializes in providing optical and audiology services. Founded in 1984, the company has grown to become one of the largest opticians in the UK with over 1,700 stores globally.
The company offers a wide range of products and services, including eye tests, prescription glasses, contact lenses, and hearing tests. They also have a range of designer frames and sunglasses to choose from. Their services are provided by qualified optometrists and audiologists, ensuring high-quality care for their customers.
In addition to their products and services, SPECSAVERS is also committed to sustainability. They have implemented various initiatives to reduce their carbon footprint and promote environmental sustainability. This includes using renewable energy sources, reducing water usage, and recycling materials.
Key people in the company include Dame Mary Perkins, the founder and executive chairman, and John Perkins, the managing director. Both have been instrumental in the company's success and growth.
To contact SPECSAVERS, customers can visit their website at www.specsavers.co.uk or visit one of their many stores located across the UK and other countries. The registered office address for SPECSAVERS OPTICAL SUPERSTORES LIMITED is La Villiaze, St Andrew's, Guernsey, GY6 8YP, United Kingdom.
In conclusion, SPECSAVERS OPTICAL SUPERSTORES LIMITED is a reputable company offering a wide range of optical and audiology services, with a focus on sustainability. With their dedicated team and commitment to providing high-quality care, the company continues to be a trusted and popular choice for customers in the UK and beyond.
