Late Payments Now Affecting 54% of UK Businesses

According to the latest survey from the Office of National Statistics, 54% of active trading businesses are now facing mounting problems with unpaid invoices. 

The latest report titled “The Business Impact of Coronavirus” makes worrying reading, with 1 in 10 businesses being classed as being in moderate to severe financial risk of insolvency and almost half of all businesses reporting their income having declined with 1 in 10 reporting their cashflow has halved compared with last year. 

Back to Business as Usual… well, Almost!

Data suggests that 11% of employees remain furloughed, while 1 in 5 people who are back to work (or continued working) are still working from home full-time. It’s estimated that 57% of employees have returned to their daily commute into the office as the government push for more people to get back to work, in a recovery attempt to get the economy moving again and prevent a total collapse in the commercial property market. City centre economies appear to have been affected the most. 

We’re here to be part of the solution 

Debt collection agencies like ourselves are here to help businesses facing these tough financial times and are expected to be a major contributor in the wider plan to combat the problem as we move forward through the final quarter of 2020 and into the new year ahead. 

Businesses facing cashflow issues and having trouble paying their debts are being urged to deal with their situation by facing up to any unpaid invoices they may be struggling to pay, before it’s too late. Hiding from it isn’t going to make this go away.

Contrary to popular belief, professional debt collection agencies like ourselves are more interested in finding solutions that work for both parties instead of pursuing costly recovery routes through legal recourse. We’re here to help! 

If you are one of the 54% currently facing unpaid invoices from customers, don’t delay on bringing in professional assistance. It’s proven that the sooner we are involved, the quicker and better the chance we have of being able to recover your lost income. 

Our team will discuss your situation in the strictest confidence and put a plan action to help you get back into the “black”, before it’s too late! 

For more information or to request a chat email [email protected]