8 November 2010 Are your clients taking their time settling your invoices? Well, developers and agents alike may want to look at Experian’s Late payment survey.
The Nottingham-based information services company has just released Q3 figures, and landlords may want a copy to hand when considering tenants for their buildings.
Most saintly in the survey are companies in agriculture, fisheries and forestry, which tend to settle up to 10 days late. Admittedly, however, they are not an area of huge occupational demand. Spirits, wine and tobacco and pharmaceuticals companies are among the better payers (15-17 days late).
Sinners – and definitely ones to avoid – are businesses in the postal and telecoms sector, which take nearly 40 days beyond agreed terms to hand over what they owe.
Where companies are based also seems to have a bearing on how quickly they pay. Look out for firms from the South West and South East (17 and 18 days late, respectively) and give a wide berth to those from London and the North West (26 and 27 days late).
But above all – and here’s the rub – avoid dealing with your peers. Property-related companies rank close to the bottom of the list, taking more than a month beyond agreed terms to settle their bills.
You have been warned!
Lisa Pilkington contributes to www.estatesgazette.com/blogs
lisa.pilkington@estatesgazette.com
