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How much money is owed to smaller businesses

Report Highlights Time Spent Chasing Late Payment

July 2018

The Federation of Small Businesses reports that small businesses are owed nearly £15bn in late payments for goods and services that they have supplied to customers.

The figure is provided by research from Liberis, which surveyed 400 small businesses in the UK in March and found that the average respondent was owed £11,000 in overdue payments, which would scale up to £14.9 billion across the UK's 5.7 million small companies. The study also found that 50 perent of respondents claimed that hindered investment in their own business and 72 percent said they spent three days or more chasing money that they were owed.

Rob Straathof, Chief Executive of Liberis, said:

"The Government continually stresses the importance of small businesses to the nationís economy, but with mounting debts owed by their clients and customers, some SMEs are at breaking point."

Samantha White, CEO of My Credit Controllers said:

"Most people don't start their small business because they want to spend days and days each month chasing customers just to get paid. Hand over your chasing to a specialist outsourced credit control service like My Credit Controllers and get on with what you do best, safe in the knowledge that your cash flow is in good hands."

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