North West businesses crippled by massive trade debts

New research has suggested that small and medium-sized businesses across the North West are burdened with trade debts of up to £1.5m.

Those most effected are companies with 1-9 staff and turnover of less than £2m, which had around £46,000 worth of trade debt.

These figures come following the submission of account details from 819 small and medium-sized companies as part of research undertaken by online commercial debt recovery law firm Debt Guard Solicitors.

Findings show firms in Liverpool and Blackburn are carrrying higher than average amounts of trade debt, with £2.1m and £1.9m) respectively.

Mark Burgess, chief operating officer at Debt Guard Solicitors, said:

“This research highlights the financial headache caused by outstanding and unpaid bills.

“It is clear that the North West smaller SMEs in particular need much greater support in this respect, as many are facing the very real threat of closure due to trade debt pressure and late payment.”

Source: The Business Desk

Image source: Gazprom

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