Ranked in 2 industries
This company is listed under more than one industry, so we show its position in each rather than picking one.
The average time taken for TIP TRAILER SERVICES UK LIMITED to pay invoices has remained relatively consistent over the past three periods, with only a slight increase in 2021-2022 compared to the previous two periods.
The company's average time to pay has fluctuated between 40-50 days, with the lowest point being in 2021-2022 and the highest point in 2019-2020. This suggests some volatility in the company's payment practices.
Looking at the past three periods, there has been a slight increase in the average time taken for TIP TRAILER SERVICES UK LIMITED to pay invoices. This increase is mainly due to a higher percentage of invoices being paid later than 60 days, with the worst period being in 2019-2020. However, there have also been some improvements, with a higher percentage of invoices being paid within 30 days in the most recent period compared to the previous two periods.
| 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 Jan 2022 - 30 Jun 2022 | 01 Sept 2022 | 41 | 45% | 40% | 15% | 47% |
| 01 Jul 2021 - 31 Dec 2021 | 13 Jan 2022 | 40 | 49% | 37% | 14% | 42% |
| 01 Jul 2020 - 31 Dec 2020 | 22 Mar 2021 | 44 | 47% | 36% | 17% | 42% |
| 01 Jan 2020 - 30 Jun 2020 | 28 Jul 2020 | 46 | 43% | 38% | 19% | 47% |
| 01 Jan 2020 - 30 Jun 2020 | 14 Sept 2021 | 45 | 42% | 39% | 19% | 48% |
| 01 Jul 2019 - 31 Dec 2019 | 06 Mar 2020 | 45 | 36% | 45% | 20% | 52% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Oct 2019 | 47 | 37% | 40% | 23% | 51% |
| 01 Jul 2018 - 31 Dec 2018 | 25 Jul 2019 | 44 | 40% | 40% | 20% | 44% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 46 | 30% | 45% | 25% | 53% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
TIP does not propose one standard term but our most common agreed payment terms is 30 days from the date of invoice. We agree payment terms on a case by case basis dependent on the size of the supplier's business, the services/goods they supply, and the level of spend. This is a mutual arrangement. TIP's payment terms are always based on a number of days after the invoice.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
N/A
Maximum contractual payment period agreed
120
TIP is proactive in contacting suppliers with reasons why submitted invoices cannot be processed. TIP operates a purchase order system and all suppliers are required to obtain a purchase order prior to invoice. In the event of there being a query relating to a purchase order such as the amount, the supplier is encouraged to contact the relevant branch or Head Office function that issued the purchase order in order to resolve the dispute. TUP UK has a centralised Accounts Payable function who are always on hand to help suppliers with queries by pointing them to the relevant branch or department and explaining reasons for queried invoices, the department has a dedicated mailbox accountspayable@tipeurope.com. This team will always be able to help advise timescales for payment and query resolution. The TIP AP department clearly communicates the work authorisation process requirement and invoicing requirements to all suppliers. Each payment dispute is individually considered on its own merits.
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
TIP Trailer Services UK Limited is the UK arm of TIP Group, a European operator specialising in truck and trailer leasing, rental, maintenance and repair. The group's fleet covers trailers, tankers, trucks, swap bodies, reefers and specialised equipment such as waste and food-grade tankers, offered on short or long-term rental and lease agreements, including sale and leaseback structures. It also provides workshop-based maintenance and repair through certified technicians, sells used trucks and trailers, and offers telematics-based digital fleet services. The UK entity operates within this wider network of over 130 service locations across multiple countries, registered in Companies House under the SIC code for renting and leasing of trucks and other heavy vehicles.
Generated from the company's website and Companies House records. Sources: tip-group.com