Industry ranking
Score of 87.6/100 qualifies for PaymentCheck Certification
The average time taken for COLORMATRIX EUROPE LIMITED to pay invoices has decreased from 25 days in the first period (Jan 2021 - Jun 2021) to 23 days in the second period (Jul 2023 - Dec 2023) and further decreased to 20 days in the third period (Jan 2024 - Jun 2024).
The percentage of invoices paid within 30 days has increased from 75% in the first period to 78% in the second period and further increased to 82% in the third period. This shows a positive trend towards early payment.
The time taken for COLORMATRIX EUROPE LIMITED to pay invoices has shown a consistent decrease over the three periods, with an overall improvement of 5 days from the first period to the third period. Additionally, there has been a positive trend towards early payment, with an increase in the percentage of invoices paid within 30 days. The company has also shown an improvement in timely payment, with a decrease in the percentage of invoices paid between 31 and 60 days. The worst period in terms of late payments was the first period, with 5% of invoices being paid later than 60 days. However, this has improved in the subsequent periods with a decrease to 4% and 2% in the second and third periods, respectively.
| 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 | 08 Feb 2024 | 23 | 78% | 18% | 4% | 0% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 25 | 75% | 20% | 5% | 0% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The Company negotiates and agrees payment terms with its third party suppliers as part of its procurement process and as a result payment terms vary by supplier. The most common payment terms entered into during the reporting period was 30 days from date of invoice. In the reporting period, the average payment time, based on number of payments made, was 23 days. The numbers presented above include payments to affiliate companies, with a standard payment term of net 15th following month of invoice.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
The Company has prescheduled payment runs that are processed regularly for all approved invoices.
Maximum contractual payment period agreed
119
ColorMatrix Europe Limited has a dedicated Accounts Payable helpdesk in the event of a dispute with a supplier that offers them support through to query resolution. This query can be raised via email at AP.GB.Inquiries@avient.com. If required, the query is then forwarded to the ColorMatrix Europe Limited contract monitor or requisitioner for further investigation.
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
ColorMatrix Europe Limited is a UK-registered company based in Knowsley, Merseyside, whose registered activity is the manufacture of dyes and pigments. Evidence links it to the Avient group, formerly trading as PolyOne, a global manufacturer of specialty polymers, colorants and additive systems, engineered polymer formulations and thermoplastic compounds used across industries such as packaging, healthcare, construction and transportation. As part of this wider group, the entity's own role sits within colour and additive formulation for plastics rather than the group's full global manufacturing operations. Its products serve as material inputs used by other manufacturers to produce finished plastic goods, rather than being sold as finished consumer items themselves.
Generated from the company's website and Companies House records. Sources: polyone.com