Industry ranking
The average time taken for RANK LEISURE LIMITED to pay invoices has decreased significantly from 101 days in the second half of 2018 to 40 days in the second half of 2021. This shows a positive trend towards faster payment to suppliers.
The company's payment pattern has been volatile, with a fluctuation in the percentage of invoices paid within 30 days ranging from 7% in the second half of 2018 to 94% in the first half of 2021. Similarly, the percentage of invoices paid later than 60 days has also varied greatly, from 5% in the second half of 2019 to 75% in the second half of 2018.
In the first half of 2021, RANK LEISURE LIMITED had an average time to pay of 19 days, with 94% of invoices paid within 30 days. This is a significant improvement from the second half of 2018, where the average time to pay was 101 days and only 7% of invoices were paid within 30 days.
| 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 2021 - 31 Dec 2021 | 28 Jan 2022 | 40 | 55% | 37% | 8% | 45% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 19 | 94% | 6% | 0% | 6% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 45 | 33% | 40% | 27% | 67% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 22 | 84% | 6% | 10% | 16% |
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 25 | 64% | 31% | 5% | 36% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 58 | 32% | 23% | 45% | 68% |
| 01 Jul 2018 - 31 Dec 2018 | 30 Jan 2019 | 101 | 7% | 18% | 75% | 93% |
| 01 Jan 2018 - 30 Jun 2018 | 31 Jul 2018 | 23 | 85% | 9% | 6% | 15% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The majority of Rank’s suppliers are set to 30 days payment terms which is stipulated within the market tenders inviting commercial proposals, although some suppliers provide longer payment terms as part of the formal negotiation to provide a more attractive commercial model and taking into account the impact of the COVID-19 pandemic. Any payment terms less than 30 days must be agreed in advance with Rank’s Senior Finance Leadership team. There have been no changes to these terms in the past 6 months.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
60
Purchase orders are raised for the majority of purchases to an approved Rank supplier. Contact details of the person raising the purchase order are given to the supplier on the purchase order. This would normally be the first point of contact for a supplier to resolve a payment dispute. The purchase order also includes terms and conditions of purchase. Section 6.3 under Payment states "If the buyer (Rank) fails to make any payment due to the seller under the contract by the due date for payment then the buyer shall pay interest on the overdue amount at the rate of 2% per annum above the National Westminster Bank Plc's base rate. Such interest shall accrue on a daily basis from the due date until the actual payment whether before or after judgement. This clause does not apply to payments that the buyer disputes in good faith". Rank would normally advise a supplier if there was an issue with goods or services delivered and request a credit note. If this was disputed by the supplier, then again the person that raised the PO would normally negotiate this 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
Rank Leisure Limited is a registered company within the Rank Group corporate structure, based in Maidenhead, with a nature of business classified as gambling and betting activities. Rank Group Plc, of which this entity forms part, is a British gaming and leisure group operating casino and bingo venues under the Grosvenor Casinos and Mecca brands in the UK, Enracha in Spain, and digital gaming brands online. The wider group offers casino table games, electronic gaming machines, bingo, sports betting, and associated food, drink and entertainment at its venues, alongside online gaming platforms. This entity's own specific trading role is not detailed in the available evidence, but it sits within the group's gambling and betting operations.
Generated from the company's website and Companies House records. Sources: rank.com · rank.com