Good Business Pays highlighted the negative impact of slow payment practices, with small businesses losing an average of £22,000 annually, leading to closures of businesses.
The campaign indicated that luxury retailers like Prada and Kurt Geiger are among those taking unreasonably long—138 and 103 days, respectively—to pay their suppliers.
Despite being called out for slow payments, the persistence of these practices among the same companies shows a 'hard-core' issue in business cultures regarding payments.
Prada reportedly pays four out of five invoices after 61 days, illustrating significant delays that could jeopardize small suppliers' operations.
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