More firms hit by late payments in the South than anywhere else
More small businesses are hit by delayed invoices payments in London and the South East than any other part of the country.
The high concentration of small and medium-sized firms puts the region top of Britain’s ‘late payments’ league, according to latest research from Bacs, the organisation behind Direct Debit and Direct Credit.
Nearly 400,000 enterprises were affected, with an average �23,000 owed to individual companies at any one time.
More companies in the south are owned money—but on average not as much as the Midlands with debts climbing to �38,000.
“Late payment causes small businesses to use up staff hours chasing invoices,” said Bacs’ marketing head Mike Hutchinson. “Cash flow is an essential business priority, particularly in a period of economic uncertainty.”
You may also want to watch:
Total value of late payments in the south now stands at a massive �8.7 billion, with more than half the firms experiencing late payments.
- 1 Police officer sacked after criminal conviction
- 2 Road and rail round-up: Steer clear of these disruptions next week
- 3 Man who stabbed teen at Crossharbour station found guilty of murder
- 4 Man in 30s dies after Isle of Dogs stabbing
- 5 East London's 10 prettiest streets to visit
- 6 Three places to go pumpkin picking near east London
- 7 Police patrols to increase after fatal Isle of Dogs stabbing
- 8 Concern growing for man last seen at Bow Road station
- 9 Jailed: Tower Hamlets man who tried to rape another man
- 10 Sentencing of arms dealers set for one year after Isle of Dogs raid