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According to an article published in the Speciality Food Magazine, a bidding war by supermarkets has resulted in manufacturers, producers and suppliers feeling their margins being squeezed.
The report highlights how supermarkets are extending their credit terms to around an average of 45 days, yet many large supermarkets are signed up to the Prompt Paymnet Code which has a target of 30days.
According to another report by the UK and Ireland MD of Sage, Alan Laing,
For many small and medium businesses, chasing payments is one of the greatest barriers to productivity and growth, with 17% of all payments in the UK made late and 9% eventually written-off as bad debt. For many of these businesses, these late payments are more than just a minor inconvenience. They are often the difference between staying afloat or completely going out of business.
He goes on to point out that
The UK currently has the world’s highest proportion of invoices that are paid late. 40% of the small & medium businesses asked in a recent survey said that they saw a direct, negative impact to their business from late payments – ranging from reducing future investments, to cutting staff pay, to being unable to pay bonuses.
Both reports point out the high costs of perceived high profile clients. A bad deal is a bad deal whoever you're selling to.
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