While the UK manufacturing sector slightly edges out the national average for payment practices, the colossal gulf between the best and worst payers is alarming. A PaymentCheck score of 5/100 suggests suppliers of companies like Crown Packaging face significant challenges in getting paid promptly.
The North East emerges as the strongest region, averaging a PaymentCheck score of 62.6, significantly higher than the national manufacturing average of 52.1, albeit based on a small sample size of only five companies. In contrast, London, with a far larger sample size of 17 companies, only managed 55.5, suggesting businesses there may struggle with cashflow.
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Despite outperforming the UK average by 2.1 points, the manufacturing sector demonstrates vast inconsistencies, with the top payer (92.07/100) performing over 18 times better than the bottom payer (5/100), highlighting the critical need for suppliers to do their homework before extending credit.
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