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The construction industry is worst payer in the north, while the service sector is
slowest to settle in the south, according to a survey by Venture
Finance.
In all, 40% of recruitment firms based in Manchester said construction is the
worst industry sector for late payment, while in London the same number
highlighted the service sector as a major offender.
The independent survey, carried out on behalf of Venture Finance amongst
owner-managers of recruitment firms, both temporary and permanent, reveals
differing attitudes towards payment across the country.
Although construction topped the black list in the north, only 18% of recruiters
in the south shared this bad experience of the industry.
Similarly, 28% of
respondents in Manchester found the service sector to be the worst for late
payment.
Surprisingly, manufacturing, which traditionally has a greater presence in the
north of the country, was ranked second worst payer in the south with 32% of
responses. This compares with 20% in the north.
The least criticised sector across the regions was the professional services
industry. Expressing similar experiences, only 10% of respondents in London and
12% in Manchester named professional services as the worst sector for not paying
bills on time.
Commenting on the findings, Steve Websdale, director at Venture Finance, stated:
"Late payment is a serious problem for the recruitment industry and can mean the
difference between success and failure for a business.
"Ideally, a firm would avoid dealing with companies or sectors that are
notoriously bad payers, but this is not always possible.
"In these cases, it is even more important to ensure the firm's credit control
processes are completely up to speed."
Source:
RedAlert
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