London, England – 8/31/2017
Unpaid and overdue invoices to SMEs in the UK account for £250bn.
Small and medium-sized UK businesses have been severely impacted by chronic reductions to their working capital, over the past few years, found from a studyof more than 1,000 SMEs.
For most of these SMEs, uncertainty about when they’ll be paid is too common. Over a third of SMEs in the UK-that is 38%- confess to having no set payment terms with customers and almost a quarter- 23%- complain that theyreceive late payments for their invoices. Of those receiving late payments, over 55% are waiting nearly 10 days beyond their agreement terms.
This situation leaves SMEs perilously exposed, as many of them are already expecting a further squeeze in light of Brexit uncertainty. Over 11% of SMEs admit experiencing worsening in their payment terms in the previous 12 months and 8% have come under additional pressure, withcustomersdemanding increased payment terms until after Brexit.
According to Nucleus’ spokesperson, “Late payments are hurting UK business’ capability to trade across the world. At a time when Brexit pressure means searching for new growth,developing global trade is more crucial than ever. Findings show that more than half a million businesses have been held back from growing overseas as a result of late payment issues.”
They further added, “It’s evident that tackling late payment issues is crucial to post-Brexit success. Roughly 600,000 UK businesses aren’t able to export in light of this payment crunch. However, with an enhanced payment programme, these SMEs note that they’d target new growth overseas.”
Nucleus Commercial Finance has a team of specialists offering bespoke finance solutions to their clients. They provide immediate response, turn deals around as quickly as possible and do not hesitate to mix and match their services to offer the best solution for their clients.
Nucleus funds for start-ups as well as established businesses and offer their services with fixed upfront fees and monthly payments. To find out more about their service visit,https://nucleuscommercialfinance.com/products/unsecured-business-loans.
Nucleus Commercial Finance Ltd.
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London
W1U 1JA
+44 (0)207 839 9451
Email: [email protected]