East of England

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Payment practices in the East of England indicate a mixed picture for suppliers. On average, companies in the region take 36.79 days to settle invoices. While this falls within what might be considered acceptable for many industries, the late payment rate of 26.61% is a significant concern, suggesting that a considerable portion of invoices are settled beyond agreed terms. Just over half (54.95%) of payments are made within the crucial 30-day window. Compared to other UK regions (data not provided), these figures need to be benchmarked to determine whether the East of England is performing better or worse, but high late payment rates are a common issue across the UK and cause significant disruption to small and medium-sized enterprises (SMEs).

The East of England boasts a diverse economy, ranging from agriculture and manufacturing to technology and logistics, each with potentially different payment norms. Understanding the specific sector one is dealing with is crucial. A thriving agricultural sector, for instance, may have payment cycles tied to harvest periods, which can extend beyond standard payment terms. Suppliers should be aware that while nearly 55% are paid promptly, a considerable risk of late payment exists. Thorough due diligence, including credit checks and careful negotiation of payment terms, is therefore highly recommended.

For suppliers considering doing business in the East of England, awareness of these payment trends is essential. It is advisable to factor potential payment delays into cash flow projections and to implement robust credit control procedures. While the overall picture is not uniformly negative, the significant late payment rate necessitates a proactive and cautious approach to managing receivables.

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