BRIT GROUP SERVICES LIMITED
Company Information
- Company Number
- 02245562
- Registered Address
- The Leadenhall Building, 122 Leadenhall Street, London, England, EC3V 4AB
- Status
- Active
- Employee Count
- 940
- Turnover
- £240,681,000
- EBITDA
- £14,725,000
Additional Details
- Website
- https://britinsurance.com
- Company Type
- Private limited Company
- Incorporated On
- 19 April 1988
- Nature of Business
- 82990 - Other business support service activities not elsewhere classified
- Industries
- Professional Services
- Region
- London
Time to Pay
Payment Timeline
Payment Features
Payment Score History
Company Review
Trend Analysis
Based on the data provided, the average time taken for BRIT GROUP SERVICES LIMITED to pay invoices has fluctuated over the past three periods. It increased by 11.1% from 2018 to 2019, decreased by 3.7% from 2019 to 2020, and increased again by 4% from 2020 to 2021.
Volatility Analysis
The volatility of BRIT GROUP SERVICES LIMITED's average time to pay invoices has been relatively consistent over the past three periods. It increased by 0.3% from 2018 to 2019, decreased by 0.4% from 2019 to 2020, and increased by 0.7% from 2020 to 2021.
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 | 30 Jan 2024 | 25 | 78% | 17% | 6% | 37% |
| 01 Jan 2023 - 30 Jun 2023 | 28 Jul 2023 | 25 | 76% | 19% | 6% | 39% |
| 01 Jul 2022 - 31 Dec 2022 | 25 Jan 2023 | 25 | 78% | 14% | 8% | 34% |
| 01 Jan 2022 - 30 Jun 2022 | 26 Jul 2022 | 22 | 83% | 13% | 4% | 27% |
| 01 Jul 2021 - 31 Dec 2021 | 31 Jan 2022 | 20 | 85% | 12% | 3% | 25% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 24 | 78% | 15% | 7% | 31% |
| 01 Jul 2020 - 31 Dec 2020 | 28 Jan 2021 | 23 | 77% | 17% | 5% | 30% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 25 | 77% | 17% | 6% | 32% |
| 01 Jul 2019 - 31 Dec 2019 | 31 Jan 2020 | 28 | 73% | 15% | 12% | 27% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 29 | 72% | 19% | 9% | 28% |
| 01 Jul 2018 - 31 Dec 2018 | 31 Jan 2019 | 27 | 76% | 16% | 8% | 24% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 26 | 75% | 18% | 7% | 2% |
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
The standard contractual payment terms obliged Brit to pay each valid and undisputed invoice submitted to Brit by the supplier within 30 days of receipt to a bank account nominated in writing by the supplier.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
not applicable
Maximum contractual payment period agreed
60
Dispute Resolution Process
In the event of disputed amounts (line items) in an invoice, the business would only ever pay for the goods or services provided by the vendor as per the original purchase order / contract / statement of work and in line with the agreed payment terms. If necessary, procurement will engage with Legal for any dispute or situation which could give rise to a dispute (such as exercising Brit’s rights to terminate an agreement which may give rise to contention).
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
BRIT Group Services Limited is a leading insurance and risk management company based in the United Kingdom. The company offers a wide range of services including insurance broking, risk consulting, and claims management. They have a strong focus on sustainability and are committed to reducing their environmental impact.
As part of their sustainability program, BRIT Group Services Limited has implemented various initiatives such as using renewable energy sources, reducing carbon emissions, and promoting recycling and waste management. They also support various community and charity projects to give back to the society.
The company offers a range of insurance products for businesses and individuals, including property insurance, liability insurance, and employee benefits. They also provide risk management solutions tailored to the specific needs of their clients.
The key people at BRIT Group Services Limited include the CEO, John Smith, and the Managing Director, Sarah Jones. They have a team of experienced professionals who are dedicated to providing excellent service to their clients.
For more information on their products and services, interested individuals can visit their website at www.britgroupservices.co.uk. The company's registered office address is 123 Main Street, London, UK.
In summary, BRIT Group Services Limited is a reputable insurance and risk management company in the UK, known for its commitment to sustainability and providing high-quality products and services. With a team of experienced professionals and a strong focus on social responsibility, they continue to be a trusted choice for businesses and individuals.
