Premier League suppliers chase 1.3m in overdue payments from top football clubs Premier League clubs are withholding 1.3m in overdue invoices to suppliers, according to new figures that reveal a troubling culture of late payments in English football. __________________________________________________________________________________ David Thomson, chief executive of Close Brothers Invoice Finance, said small firms needed more help to combat late payments, with the issue threatening to hold back SME growth. our research suggests that despite a series of efforts to combat the matter led by government and other organisations, too many SMEs still arent being paid on time, he said. this is an issue causing real hardship for many firms and has negative implications for the performance of the economy as a whole. The ongoing problem has however failed to result in a lift for invoice finance demand. Close Brothers said that 37.2 per cent of SMEs said they would consider using invoice finance with 9.9 per cent already doing so. However, these figures are down from 43.8 per cent and 11.9 per cent respectively in March 2015. invoice finance can provide crucial funding for growing SMEs and a potential solution for late payments-related issues, Thomson added. it can play a key role in helping SMEs unlock the value tied up in invoices issued to customers. More work needs to be done to prove the case for this type of alternative finance. Sheffield’s late payment problem has been revealed as the UK’s worst
Sign up to our newsletter to get the latest from Business Advice.