Score of 86/100 qualifies for PaymentCheck Certification
The data for VALUE RETAIL PLC shows a significant improvement in their payment process over the past three periods. In the first period of 2020, the average time to pay was 32 days, with only 50% of invoices paid within 30 days and 17% paid later than 60 days. However, by the end of 2023, the average time to pay had decreased to 23 days, with 76% of invoices being paid within 30 days and 0% paid later than 60 days. This shows a clear trend of the company paying their invoices earlier and more efficiently.
The data for VALUE RETAIL PLC also shows a decrease in volatility over the past three periods. In the first period of 2020, there was a high percentage of invoices paid later than 60 days (17%), indicating a lack of consistency in the payment process. However, by the end of 2023, this percentage had decreased to 0%, showing a more stable and reliable payment process.
Overall, the data for VALUE RETAIL PLC shows a significant improvement in their payment process. The average time to pay has decreased from 32 days to 23 days, and the percentage of invoices paid within 30 days has increased from 50% to 76%. There has also been a decrease in the percentage of invoices paid later than 60 days, from 17% to 0%. This improvement can be attributed to the company's efforts in paying their invoices earlier and more efficiently.
| 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 | 23 | 76% | 24% | 0% | 6% |
| 01 Jan 2023 - 30 Jun 2023 | 11 Jul 2023 | 24 | 50% | 50% | 0% | 8% |
| 01 Jul 2022 - 31 Dec 2022 | 27 Jan 2023 | 17 | 75% | 25% | 0% | 0% |
| 01 Jan 2022 - 30 Jun 2022 | 18 Jul 2022 | 24 | 60% | 40% | 0% | 0% |
| 01 Jul 2021 - 31 Dec 2021 | 26 Jan 2022 | 29 | 63% | 34% | 3% | 2% |
| 01 Jan 2021 - 30 Jun 2021 | 27 Jul 2021 | 54 | 48% | 30% | 22% | 44% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 74 | 43% | 25% | 32% | 50% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 32 | 50% | 33% | 17% | 28% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard payment terms are principally, 30 days end of month. However, some suppliers are on other terms ranging from immediate payment to 60 days after the invoice date.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
Average payment days are calculated as the average of the difference between Payment date and the later of the Invoice Creation Date and the Invoice Date.
Maximum contractual payment period agreed
60
Value Retail PLC operates a no PO no Pay policy. If any invoice is submitted without a valid PO then the Accounts Payable team return the invoice to the supplier. Queries can also be dealt with directly.
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
Value Retail PLC is the entity behind Value Retail, creator and operator of The Bicester Collection, a group of twelve flagship retail villages located near major cities in western Europe, China and the US. The company's own site describes it as a global platform for flagship retail, offering brand partners a channel to reach discerning customers through these outlet destinations. Its registered business classification covers management of real estate on a fee or contract basis, reflecting its role in operating and managing these retail village sites rather than manufacturing or selling goods itself. It is registered in London and remains an active company.
Generated from the company's website and Companies House records. Sources: valueretail.com