UK plc too slow in paying bills
Britain's small businesses continue to suffer because the country's public limited companies are too slow in paying their bills, according to a new survey.
The study by the Federation of Small Businesses found that, on average, it took UK plcs 46 days to pay its suppliers. This timeframe has not shortened in the last four years and is causing serious cashflow problems for small enterprises, with some forced into liquidation.
The report found that 17 companies currently take over 200 days to pay bills while nearly a quarter cannot settle within a 60 day timeframe. Of the FTSE100, high-street fashion retailer Next came out as the quickest payer, providing cash just two days after delivery. By comparison, Cable & Wireless took 70 days.