"London, the beating heart of the UK's economy, is facing a growing threat that's putting thousands of businesses at risk: late payments. From start up tech firms in Shoreditch to established prestige companies in Mayfair, the capital's businesses are struggling to recover billions of pounds in unpaid invoices. As cash flow issues mount, professional debt collection agencies are stepping in to provide much-needed relief."
"The scale of the late payment epidemic is staggering. Across the UK, small and medium-sized enterprises (SMEs) are owed an eye-watering £23.4 billion in overdue payments, according to government data. In London, where the cost of doing business is significantly higher than in other parts of the country, the impact is even more pronounced. Many businesses are waiting an average of 72 days to receive payment for goods and services-more than double the standard 30-day payment terms."
Late payments in London are causing widespread cash-flow problems that threaten thousands of businesses. SMEs across the UK are owed an eye-watering £23.4 billion in overdue payments, and London firms typically wait an average of 72 days for payment, more than double standard 30-day terms. SMEs make up 99% of the city's business base, and payment delays force reliance on costly overdrafts, postpone investment, and can lead to business closure. The Federation of Small Businesses estimates late payments contribute to around 50,000 business failures annually across the UK, with a significant share occurring in London. Accredited debt collection agencies are increasingly used to recover funds.
Read at London Business News | Londonlovesbusiness.com
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