Host to the opening of the Tour de France in 2014, stunning castles, beautiful and serene dales, wild and windswept north Yorkshire moors, breath-taking minsters and beautiful industrial architecture with the marvellous city of Hull the UK City of Culture for 2017 – what a fantastic place to be…
Unless of course you’re an SME who wants and needs to get paid on time for your work….
Recent research by the Tungsten Corporation shows 24% of SMEs in Yorkshire are facing a potential financial crisis due to late payment of invoices. The average Yorkshire SME is owed a total of £45,809 in unpaid invoices, according to a survey by Tungsten, with some businesses owed up to £500,000. When applied across the UK’s 5.2mSMEs, the total owed could be as much as £212bn, the survey claimed. That’s 88% more than the NHS budget of £113bn. Rick Hurwitz, CEO at Tungsten, said: “These figures are a telling reminder of the challenges faced by SMEs in Yorkshire. An unpaid invoice can mean the difference between a successful month of trading and a dangerous financial shortfall. In the worst case it could lead to insolvency.”
Yorkshire is a great place to live and visit, but at what price to the local unpaid SME? Unfortunately the culture of late payment is UK wide and not localised to this great county…
