I refer to the article Playing the credit insurance card (TTJ January 5/12) on the many difficulties small businesses have with late payment. The article included some statistics which were accredited to the Credit Management Research Group. This is now the Credit Management Research Centre (CMRC) at Leeds University.
The figures quoted in your article are no longer relevant as they are based on a 1995 report by the Credit Management Research Group. The CMRC provides annual credit management information and its latest research shows that payment times in the timber industry are improving. Since the 1995 report, the number of debtor days has fallen from 45 to an average of 39. On average, these businesses are being paid 25 days beyond due date and payments to suppliers are being made 20 days beyond due date.
The CMRC is a member of the Better Payment Practice Group. For further details, visit the BPPG website www.payontime.co.uk or tel: 020 7655 0530.
