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Mon May 27 2024

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Payment delays get worse

18 Jun 18 Construction businesses are extending delays in paying suppliers, threatening the viability of thousands of companies.

It took an average of 42.2 days for invoices to get paid in the construction industry in the year 2017/18, up from 41.6 days in 2016/17 and 40.3 days five years ago.

The numbers come from an analysis by business finance website Funding Options

It said that payment delays were contributing to a high level of insolvencies in the construction sector. In 2016/17 there were 2,633 construction businesses that went insolvent, rising 8% from 2,447 in 2015/16.

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