Stove-maker Aga is the slowest FTSE 250 company to pay its bills, taking an average of 81 days to pay up according to a survey by the Institute of Credit Management.

The survey found that the average time taken by a FTSE 250 business to pay its bill is 27 days. The institute warned that some larger companies were 'deliberately manipulating' credit terms so although they appeared to pay on time, but their smaller suppliers were actually waiting longer to receive payment, reported the Observer.

'These results show pockets of payment time deterioration,' said Nick Wilson, professor of credit management at Leeds University. 'When this is combined with recent rises in interest rates, these payment delays will put pressure on small firm cashflows.'

Further reading:

Kwik Save hit by dramatic rise in CCJs in last few months