Complete Prompt Payment Action Plan for Claranet Ltd

Claranet Ltd has outlined below our action plan for improvement to increase our invoicing payment figures to within at least 95% paid within 60 days of receipt, and within agreed terms.

This aligns with our ISO9001-accredited continuous improvement mechanisms, and is integral to our ethos of commercial strategy best practice.

We already make our financial reporting publicly available as part of our statutory financial reporting best practices. For example, this publicly-available report shows our invoice payment percentages for the most recent six-monthly period - Search published payment practice reports - GOV.UK.

Identification of the primary causes of failure to pay:

These have been due to:

• Disputes with suppliers around inaccurate billing.
• Disputes with customers around payment terms.
• Some internal process delays.

Actions to address each of these causes:

We acknowledge our invoice payment statistics can improve; this is how we are addressing each of these concerns, respectively:

• We continue to work closely and proactively with our suppliers to ensure any of their billing inaccuracies do not impact our ability to pay in a timely manner.
• We are continuing to work with our customers to ensure their payment terms are aligned to our supplier payment terms.
• We are putting further focus on implementing processes that mitigate internal process delays.

A mechanism for and commitment to regular reporting on progress to the supplier's audit committee (or equivalent):

Putting the actions outlined above in place, we anticipate our invoice reporting timelines to improve, as well as our published percentages, which this action plan for improvement is designed to do.

The regular, publicly published reporting we will continue to complete will provide the requisite evidence of improvements above required thresholds; we will increase awareness of it to our supply chain, to show our progress.

Plan signed off by director:

Charles Nasser - Managing Director of Claranet Ltd (as well as the company Owner and CEO of our parent company, Claranet Group) endorses this action plan for improvement, via the following statement:

Our commitment to transparency, and to the protection of and proper dealings with our supply chain, is robust and sincere.

We understand the necessity to have effective processes in place to support this - to ensure prompt, full payment to our supply chain, especially prioritising SMEs, protecting them from potentially detrimental non-payment impacts.

We are working hard to improve our invoice payment statistics; I'm confident this plan - which outlines how we are doing that - will have lasting success in these aims.

Charles Nasser - Claranet CEO

Plan published on our website:

In the continued fulfilment of our statutory reporting requirements, we will be declaring our invoicing metrics, and the accompanying progress towards and beyond the required threshold.