BANK OF LONDON AND THE MIDDLE EAST PLC
Company Details
Registration Number
05897786
Registered Address
20 Churchill Place Canary Wharf London England E14 5HJ
Company Status
Active
Employee Count
150
Turnover
£56,227,000
EBITDA
£-8,080,000
Company Location
Financial Overview
£135,262,000
£222,201,000
Last Reporting Period
Filed
30 Jan 2024
Period
01 Jul 2023 - 31 Dec 2023
Payment Timing
Average Time to Pay
18 days
Payment Periods
Shortest
30 days
Longest
0 days
Max Contractual
30 days
Payment Timeline
Not Paid Within Terms
24%
Payment Features
Payment Time Trends
Payment Distribution Trends
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 | 18 | 90% | 7% | 3% | 24% |
| 01 Jan 2023 - 30 Jun 2023 | 30 Jan 2024 | 23 | 84% | 11% | 5% | 20% |
| 01 Jul 2022 - 31 Dec 2022 | 02 May 2023 | 30 | 62% | 30% | 8% | 52% |
| 01 Jan 2022 - 30 Jun 2022 | 29 Jul 2022 | 26 | 65% | 25% | 10% | 45% |
| 01 Jul 2021 - 31 Dec 2021 | 31 Jan 2022 | 19 | 76% | 10% | 14% | 37% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 20 | 97% | 3% | 0% | 10% |
| 01 Jul 2020 - 31 Dec 2020 | 28 Jan 2021 | 22 | 80% | 19% | 1% | 23% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 21 | 94% | 5% | 1% | 12% |
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 23 | 78% | 20% | 2% | 32% |
| 01 Jan 2019 - 30 Jun 2019 | 11 Jul 2019 | 17 | 90% | 10% | 0% | 40% |
| 01 Jul 2018 - 31 Dec 2018 | 31 Jan 2019 | 27 | 71% | 26% | 3% | 29% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 15 | 94% | 6% | 0% | 18% |
Company Summary
BANK OF LONDON AND THE MIDDLE EAST PLC (BLME) is a UK-based Islamic bank that provides a range of financial products and services to its customers
The bank is committed to sustainability and has implemented various initiatives to reduce its environmental impact and support sustainable development
One of BLME's key sustainability programs is the Green Finance Initiative, which offers financing solutions for eco-friendly projects
The bank also follows strict ethical and Shariah principles in all its operations, ensuring that its products and services are in line with Islamic values
BLME offers a range of products and services including corporate banking, commercial real estate finance, private banking, and asset management
The bank also provides financing for renewable energy projects, supporting the transition to a low-carbon economy
The bank's key people include its chairman, Mr
Robert Hingley, and its CEO, Mr
Khaleefa Butti Omair Yousif Al Muhairi
They are supported by a team of experienced bankers and industry experts
BLME's registered office address is 11th Floor, 1 Knightsbridge Green, London, SW1X 7NE, United Kingdom
The bank can be contacted through its website (www.blme.com) or by phone at +44 (0) 20 7280 6000
In conclusion, BANK OF LONDON AND THE MIDDLE EAST PLC is a leading Islamic bank in the UK that is committed to sustainability and offering ethical financial products and services
Its experienced leadership team and innovative initiatives make it a reputable choice for customers looking for sustainable banking options
Company Review
Trend Analysis
From 2018 to 2023, the average time taken for BANK OF LONDON AND THE MIDDLE EAST PLC to pay invoices to suppliers has fluctuated, with a general trend of increased time taken. In the first three periods, the average time to pay ranged from 15 to 27 days, but in the last three periods it has increased to 23 to 30 days. However, there was a slight decrease in the last period compared to the previous one.
Volatility Analysis
The volatility in the percentage of invoices paid within 30 days has been relatively low, ranging from 62% to 97%. However, there has been more volatility in the percentage of invoices paid between 31 and 60 days, with a range of 3% to 30%. The highest volatility can be seen in the percentage of invoices paid later than 60 days, with a range of 0% to 14%. This suggests that the company has had more difficulties in paying invoices within 60 days compared to other payment periods.
Summary Analysis
In the last three periods, there has been a general trend of increased time taken for BANK OF LONDON AND THE MIDDLE EAST PLC to pay invoices to suppliers. However, there was a slight decrease in the last period compared to the previous one. The company has been able to maintain a relatively consistent average time to pay despite fluctuations in the percentage of invoices paid within different time frames.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
Our standard payment period is 30 days
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
30
Dispute Resolution Process
In respect of dealing with complaints from suppliers under qualifying contracts, queries should be sent direct to accounts.payable@blme.com . The accounts payable department will at the first instance be able to give an update on the status of the outstanding invoice to the supplier. The accounts payable department aim to respond within 24 hours on receipt an email during a working week. If an invoice is being disputed internally due to an external issue, the accounts payable department will highlight this to the supplier and advise them to make contact with relationship manager at the bank to provide more clarify of the issue.
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.
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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?
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