Member Article

Small businesses owed £10bn

Small companies in the UK are owed £10bn in outstanding payments, according to a report by Barclays Local Business.

The report reveals that on an average day small businesses are left £2,440 out of pocket as a result of suppliers or customers failing to pay up during the standard 30-day invoicing period.

The figure is up £1.7bn on last year and means that small companies have lost out on £5bn over the last twelve months.

“Despite some recent positive economic signs, it’s concerning that late payments are on the rise. This is a serious issue for the businesses we talked to with around a third saying it threatens their day-to-day survival,” said John Davis, marketing director for Barclays Local Business.

This was posted in Bdaily's Members' News section by Ruth Mitchell .