The government is looking at ways to ensure that large businesses pay their suppliers on time. The Prompt Payment Code (PPC) was set up in 2008 to encourage companies to pay invoices within the agreed timescale. However, the PPC has been widely criticised for being ineffective. Recent research by YouGov revealed that 85% of small
Small and medium-sized enterprises (SME) in the UK are failing to invoice their clients for up to £3.7billion a year, according to recent research. Even though businesses are battling through a difficult economic climate, 20% admit they have forgotten to invoice for work on at least one occasion. Of the 450 SMEs surveyed, 6% admitted
One in six businesses are turning to pay day loans as an emergency measure to stay afloat. One in four businesses need additional funding to grow yet say they are being starved of credit. Nearly 20% are turning to friends and family for financial support. The alarming findings are from research carried out by One
The Court of Appeal has ruled that a restaurant did not discriminate against a disabled girl when it refused to allow her to eat its food outside its recognised seating area. The issue arose when the girl, who has Down’s syndrome and suffers from autism, visited a restaurant at a theme park with her family.
One in six small to medium-sized enterprises (SME) are worried that financial pressures could see them go out of business within the next year, according to global insurer Zurich. The figures are contained in Zurich’s SME Risk Index for Quarter 4 of last year, in which YouGov questioned decision makers at more than 500 businesses.
The number of FTSE 350 firms signing up to the prompt payment code (PPC) has tripled in the last six months. Business Minister Michael Fallon wrote to businesses in November 2012 asking them to sign up to the code which requires large firms to pay small firms promptly. Mr Fallon said that firms that failed
Many UK small and medium-sized enterprises (SME) are struggling with cash flow and are relying on their reserves to finance growth, according to new research. The British challenger bank, Aldermore, surveyed 300 SMEs and found that 38% are depending on cash reserves to fund future development. A further 12% said they will turn to a
The amount of business debt owed to UK firms has soared past £1bn, according to figures released by the Credit Services Association (CSA). It shows that firms are finding it increasingly difficult to stay on top of credit control. The CSA research shows that the amount of debt outsourced by businesses to collection agencies reached
A warning has been issued to Britain’s top companies by a Governmnet Minister that they will be named and shamed if they fail to sign up to the Prompt Payment Code. The code, which was drawn up by the Institute of Credit Management, has been in operation for four years. Its signatories commit to paying
Nine out of ten small and medium-sized enterprises (SMEs) say they would quickly go out of business if they didn’t have access to an overdraft, according to a recent survey. The commercial finance group, ABN AMRO, questioned 250 SME owners, managers and finance officers. The survey revealed that 89% said that their firm wouldn’t last