Payments amongst the UK’s businesses are getting later again, new research by Experian has revealed.
It took an average of 26.13 days past due date for businesses to settle bills in the period between July and September this year, in comparison to 25.26 days during the previous three months.
The North West sees debtors taking the longest to pay, taking an average of nearly 37 days late, approximately eight days longer than the second worst paying region.
Industries containing the slowest payers were the oil, pharmaceutical, food retailing and leisure/hotel sectors, which all saw increases of more than two days in time taken to settle payment.
The utilities and building construction industries were more fortunate, seeing small improvements in payment performances during Q3 this year.
Invoice Finance solutions
If you are having financial problems due to debtors taking longer and longer to settle invoices, Skipton Business Finance may have the ideal cashflow solution for you.
Our invoice finance products, which include invoice factoring and invoice discounting facilities, are designed specifically to improve cashflow when late payments are increasingly becoming the source of difficulty.
Why not give us a call today to find out just how invoice finance can benefit your SME.