Industry ranking
The average time taken for BESTWAY PANACEA HOLDINGS LIMITED to pay invoices has decreased from 45 days in 2017 to 39 days in 2022. The percentage of invoices paid within 30 days has also decreased from 51% in 2017 to 3% in 2022. However, there has been an improvement in the percentage of invoices paid between 31 and 60 days, which has increased from 1% in 2018 to 59% in 2022. The percentage of invoices paid later than 60 days has fluctuated between 38% and 4% during this period.
The average time taken to pay invoices has shown a decrease in volatility, with a range of 6 days in 2017 to 3 days in 2022. The percentage of invoices paid within 30 days has also decreased in volatility, with a range of 3% in 2022 to 54% in 2018. The percentage of invoices paid between 31 and 60 days has shown the most volatility, with a range of 58% in 2022 to 1% in 2018. The percentage of invoices paid later than 60 days has also shown a decrease in volatility, with a range of 38% in 2022 to 7% in 2020.
In the past three periods, there has been a trend of decreasing average time taken to pay invoices for BESTWAY PANACEA HOLDINGS LIMITED. However, there has also been a decrease in the percentage of invoices paid within 30 days and an increase in the percentage of invoices paid between 31 and 60 days. The worst period for late payments was in 2019, with 55% of invoices paid later than 60 days. The best period for early payments was in 2018, with 54% of invoices 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 Jan 2022 - 30 Jun 2022 | 21 Jul 2022 | 39 | 3% | 59% | 38% | 4% |
| 01 Jul 2021 - 31 Dec 2021 | 31 Jan 2022 | 41 | 65% | 4% | 31% | 4% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 41 | 63% | 5% | 32% | 6% |
| 01 Jul 2020 - 31 Dec 2020 | 28 Jan 2021 | 42 | 63% | 5% | 32% | 6% |
| 01 Jan 2020 - 30 Jun 2020 | 21 Jul 2020 | 42 | 62% | 5% | 33% | 7% |
| 01 Jul 2019 - 31 Dec 2019 | 31 Jan 2020 | 43 | 58% | 7% | 35% | 9% |
| 01 Jan 2019 - 30 Jun 2019 | 01 Aug 2019 | 49 | 40% | 5% | 55% | 5% |
| 01 Jul 2018 - 31 Dec 2018 | 31 Jan 2019 | 42 | 62% | 5% | 33% | 5% |
| 01 Jan 2018 - 30 Jun 2018 | 26 Jul 2018 | 36 | 54% | 1% | 45% | 6% |
| 01 Jul 2017 - 31 Dec 2017 | 30 Jan 2018 | 45 | 51% | 11% | 38% | 5% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Goods For Resale Wholesale is 30th month following invoice date (up to 60 days end of month ). Goods Not For Resale and Goods For Resale Retail is 60 Days End Of Month However, there are non-standard supplier payment terms which are shorter and longer than the standard terms.
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
90
Supplier makes contact with buyer of goods/services in case of dispute. All queries are answered in a timely manner. Invoice is typically placed on hold until dispute has been resolved
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
Bestway Panacea Holdings Limited is a holding entity within the Bestway Group, registered with a head office SIC classification. The evidence links it to Bestway Medhub, the group's pharmaceutical wholesale operation, which supplies dispensing products and services to independent pharmacies and dispensing practices across the UK. Medhub offers over 3,000 essential pharmacy lines on net pricing terms and provides dedicated account management. It works alongside sister company Wardles, a Dispensing Appliance Contractor supplying Part IX surgical products and medical appliances. The wider Bestway Group, founded in Bradford in 1963, has grown into a global business, though these group-level figures relate to Bestway as a whole rather than to this specific registered holding company.
Generated from the company's website and Companies House records. Sources: bestwaymedhub.co.uk · bestwaymedhub.co.uk