The average time taken for VIVERGO FUELS LIMITED to pay invoices has decreased by 2 days from 29 days in Sep 2017 to 27 days in Mar 2018.
The percentage of invoices paid within 30 days has increased by 8% from 48% in Sep 2017 to 56% in Mar 2018. The volatility of invoices paid between 31 and 60 days has decreased by 11% from 54% in Sep 2017 to 43% in Mar 2018. The volatility of invoices paid later than 60 days has also decreased by 2% from 3% in Sep 2017 to 1% in Mar 2018.
From Sep 2017 to Mar 2018, VIVERGO FUELS LIMITED has shown an improvement in their invoice payment process. The average time taken to pay invoices has decreased by 2 days and the percentage of invoices paid within 30 days has increased by 8%. The volatility of invoices paid within 30 days and between 31 and 60 days has also decreased. However, there is still room for improvement as 5% of invoices were not paid within agreed terms in Mar 2018.
| 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 |
|---|---|---|---|---|---|---|
| 17 Sept 2017 - 16 Mar 2018 | 18 Apr 2018 | 27 | 56% | 43% | 1% | 5% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard payment terms are 60 days upon agreement with the supplier. Other payment terms are agreed if needed, typically 30 days or end of month following invoice
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
60
All invoice queries are chased regularly by the Accounts Payable ("AP") team with the person who raised the order for a resolution within its due date. If no response is received this is escalated to their manager. The AP team will also request any necessary back up documentation from the supplier to help resolve the query. If a supplier is querying the payment terms they are on, this is sent to the Procurement department to review against the contracts.
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
VIVERGO FUELS LIMITED is a UK-based company that specializes in the production of sustainable bioethanol fuel. The company was founded in 2002 and is a joint venture between AB Sugar, BP, and DuPont.
The company's main activity is the production of bioethanol, a renewable fuel that is used as a substitute for traditional fossil fuels. VIVERGO FUELS LIMITED operates one of the largest bioethanol plants in Europe, located in Hull, UK. The plant has the capacity to produce 420 million liters of bioethanol annually, using locally sourced feedstock such as wheat and barley.
Sustainability is at the core of VIVERGO FUELS LIMITED's operations. The company's bioethanol production process is highly efficient and results in a significant reduction in greenhouse gas emissions compared to traditional fuels. In addition, the company works closely with local farmers to ensure sustainable sourcing of feedstock and supports the development of sustainable agricultural practices.
The key people at VIVERGO FUELS LIMITED include Mark Chesworth, the Managing Director, and David Richards, the Operations Director. Both have extensive experience in the energy and biofuels industry.
For more information on VIVERGO FUELS LIMITED, their products and services, and their sustainability program, you can visit their website at www.vivergofuels.com. Their registered office address is Vivergo Fuels Limited, Saltend Chemicals Park, Saltend, Hull, HU12 8DS, UK.