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 trend for HOVIS LIMITED is generally showing an improvement in the average time to pay invoices, with a decrease in the percentage of invoices paid later than 60 days and an increase in the percentage of invoices paid within 30 days. However, there was a slight increase in the percentage of invoices paid between 31 and 60 days in the most recent period.
The volatility for HOVIS LIMITED is relatively low, with small fluctuations in the average time to pay and percentages of invoices paid within different time frames. However, the most significant change was seen in the percentage of invoices paid later than 60 days, which decreased by 9 percentage points in the most recent period.
From the data provided, it can be seen that HOVIS LIMITED has improved their average time to pay invoices since 2018, with a decrease of 3 days. The percentage of invoices paid within 30 days has also increased by 2 percentage points, while the percentage of invoices paid later than 60 days has decreased by 9 percentage points. However, there was a slight increase in the percentage of invoices paid between 31 and 60 days in the most recent period.
| 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 2023 - 30 Jun 2023 | 15 Sept 2023 | 70 | 14% | 23% | 63% | 20% |
| 01 Jul 2022 - 31 Dec 2022 | 30 Jan 2023 | 64 | 18% | 20% | 62% | 42% |
| 01 Jan 2022 - 30 Jun 2022 | 02 Aug 2022 | 65 | 19% | 40% | 41% | 35% |
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 73 | 7% | 18% | 75% | 55% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 64 | 18% | 20% | 62% | 1% |
| 01 Jul 2020 - 31 Dec 2020 | 28 Jan 2021 | 64 | 21% | 41% | 38% | 30% |
| 01 Jan 2020 - 30 Jun 2020 | 20 Jul 2020 | 66 | 15% | 22% | 63% | 34% |
| 01 Jul 2019 - 31 Dec 2019 | 28 Jan 2020 | 65 | 12% | 17% | 71% | 60% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 67 | 15% | 20% | 65% | 84% |
| 01 Jul 2018 - 31 Dec 2018 | 31 Jan 2019 | 69 | 14% | 19% | 67% | 83% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 67 | 16% | 22% | 62% | 80% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Hovis Limited shall pay or procure the payment of all invoices within seventy five (75) days of the end of the month of receipt provided that: 1. If in the opinion of Hovis Limited any invoice is incorrect it shall notify the Supplier and payment shall not be due to the Supplier for the price set out in such invoice unless and until a correct invoice has been submitted to the Company and then payment shall be due within seventy five (75) days of the end of the month of receipt of such corrected invoice. 2. If the payment due date of an invoice does not fall on a Business Day, payment shall become due on the Business Day following the due date. Hovis Limited raises payment instructions in line with agreed payment terms, with no allowance for fund transmission times. The funds are available to suppliers between 1 and 5 days after the payment terms date depending upon the method of transmission.
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
110
Suppliers with invoice queries can contact the AP team either via the email address apqueries@hovis.co.uk or via direct contact with a member of the Accounts Payable team. The Accounts Payable team will investigate the query and will respond to the Supplier with a resolution. The Accounts Payable team will also get in contact with the Supplier if they find an issue with the invoice.
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
Hovis Limited, registered in England and Wales under company number 08846838, is a British bakery business trading as Hovis. It manufactures bread and bakery products, including sliced white, wholemeal, granary, seeded and sourdough loaves, rolls, buns, muffins and other bakery items, sold under the Hovis brand and sub-brand Mothers Pride. The company has baked bread for over 130 years and supplies retailers across the UK. Its registered office is in High Wycombe, Buckinghamshire. The evidence confirms it operates as a bread and bakery goods manufacturer rather than solely a distributor, producing its own recipes and product ranges for household and food service markets.
Generated from the company's website and Companies House records. Sources: hovis.co.uk · hovis.co.uk · hovis.co.uk