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London businesses pay bills later than UK average

by LLB Editor
23rd Sep 11 7:49 am

London firms pay their bills more than 28 days late on an average.

Figures from Experian show that in August London businesses paid their bills almost three days later than the average UK businesses.

While the average payment performance for London is 28.01 days, the rest of the UK businesses pay their bills within 25.36 days.

Richmond upon Thames was the fastest to pay its bills taking 20.90 days. Newham took the longest to pay its bills with 40.16 days.

Earlier this year, figures compiled by RBS and NatWest found that such delays are mounting major cashflow pressure on businesses. One in five small and medium enterprise reported being owed on average between £50,000 and £100,000 a month in late payments.

Jason Mills, head of payment performance at Experian UK & Ireland, said, “In order to retain a healthy credit rating, it’s vital for London businesses to run a tight ship and ensure both that they collect the money they are owed on time, as well as paying their own bills promptly.

“Payment performance is a good indicator of overall business health, so if you notice one of your customers continues to miss payment deadlines, it may be wise to reconsider whether you do business with that company.”

Top performers Average in August 2011
Richmond upon Thames 20.90 days
Wandsworth 20.94 days
Sutton 21.56 days
Bromley 22.71 days
Kingston upon Thames 22.91 days
Worst performers  
Newham 40.16 days
Tower Hamlets 39.78 days
Redbridge 35.21 days
Enfield 34.97 days
Barking and Dagenham 33.56 days

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London businesses late payment data

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