Midlands businesses owed £10bn
The total amount of late payments outstanding to Midlands based businesses is the highest in the UK, with businesses now owed almost £10bn.
That's according to research from Bacs, the organisation behind Direct Debit and Bacs Direct Credit.
Individual average amounts owed to small and medium sized businesses in the Midlands is £38,000. This compares with companies in the north and south, which are owed an average of £25,000 and £23,000 respectively.
More than half of the Midlands' small businesses (52 per cent) have experienced late payments and a third now employ a dedicated member of staff to chase overdue invoices.
Mike Hutchinson, head of marketing at Bacs, said: "Late payment remains a big problem for British SMEs with billions of pounds overdue against bills, causing small businesses to use up millions of man hours in chasing invoice payment.
"Cash flow is an essential business priority, particularly in a period of economic uncertainty, and we urge SMEs to consider turning to automated payments wherever they can to manage the money which is under their control."
