Judges Demand

SMEs suffering with ‘bad debt’ more than ever

Published On: 11th December 2015

Late and non-payment is a problem for the majority of SME businesses in the UK, and it can be difficult to decide when to instruct a third party for assistance.

The latest statistics show the extent of the problem:

  • £24 billion is owed to SMEs, of which £11 billion is due from large companies
  • 53% of SMEs are being paid late, which is an increase compared to 2010 when 45% were being paid late
  • The average SME is owed £40,857, of which £20,937 is late
  • 23% of SME say late payment put their business at risk

It would appear late payment legislation is improving matters when it comes to payments from the public sector, but it is still having hardly any benefit for SMEs due money from large companies.

Are you a SMEs that suffers with such issues? If so, contact us today to see how we can help you.