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Farms and other SMEs frequently being paid late

Farms and other small to medium sized businesses are frequently being paid late, according to a new report.


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Late payments are said to be a 'silent but significant killer' of UK businesses
Late payments are said to be a 'silent but significant killer' of UK businesses

 

About 60 per cent of all invoices owed to UK SMEs were paid late in 2015, with supermarkets and high street retailers seen as ‘prominent’ offenders.

 

MarketInvoice, a peer-to-peer lender for cashflow finance, tracked more than 30,000 invoices across five years and 80 countries.

 

Its report showed late payment was a UK specific problem, with other major economies performing far better.

 

The issue was brought to the fore recently when an investigation by the Groceries Code Adjudicator revealed retail giant Tesco intentionally delayed payments to suppliers in order to meet financial targets.

 

Anil Stocker, co-founder and CEO of MarketInvoice said late payment was a ’silent but significant killer of UK businesses," said Mr Stocker.

 

"Clearly this is a massive problem in the UK. That other similar economies are so significantly outperforming us should be both a cause of concern and optimism – there is clearly lots of room for things to get better; and lots of places where we can learn how to make things better.

 

“For now, hundreds of thousands of small business will be feeling bullied by their large customers. They will feel their cashflow squeezed, making it harder for them to hire new staff, compete for new projects and get on with the day-to-day running of their business.”


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The report shows late payment is a UK specific problem

 

Country of debtor

Proportion of invoices paid late in 2015 (%)

Switzerland

35

Germany

38.3

Europe (ex UK)

40.4

USA

45.7

Ireland

50.6

UK

62.3

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