SMEs are owed an average of £39,000 and are waiting up to two months to get paid, claims the report. It added that half of all UK SMEs - 861,000 firms – are currently experiencing late payments. Mike Hutchinson, head of martketing at Bacs said, “The issue of late payment is continuing to get worse for SMEs in the UK at a time when they need to be able to plan ahead for growth and ensure a strong cash flow. The worst offenders for paying late, according to the research, are large companies which are behind 48% of SME late payment debt, followed by the public/private companies at 20%. Government and not-for-profit organisations are among the best payers with just 9% of SMEs experiencing overdue payments from this sector.
(Source – BBC)
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