3:00pm Friday 19th March 2010
BOLTON businesses have more than doubled the amount of outstanding debt they write off, in a sign that many firms are cutting their losses on overdue payments, according to the 2009/10 Barclays Business Late Payments survey.
The annual report also reveals that on any given day, £9 billion is owed to UK small and medium businesses.
Undertaken as part of the Barclays ‘Take one Small Step’ campaign, the survey found that firms in Bolton wrote off an average of £4,050 in 2009, more than double the 2008 North-West figure of £1,556.
Around 720,000 small firms or one in six small businesses across the UK cancelled more debt this year than last.
Despite the figures, the survey also reveals that economic concerns over the downturn may have peaked.
While one in six (18 per cent) Bolton-based bosses say late payers threaten their day-to-day survival, this is down from 24 per cent, and only 30 per cent are worried about the impact of late payments on their cash flow, compared to 68 per cent in 2008.
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