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.”
|Average in August 2011
|Richmond upon Thames
|Kingston upon Thames
|Barking and Dagenham