In January this year, the Government announced reforms to its Prompt Payment Code (PPC), with signatories pledging to pay invoices from small businesses within 30 days (previously 60), and in theory this was welcome news in what has been a very challenging year for most. The PPC reforms, designed to clamp down on poor payment practices, came into force on the 1st July and with over 3,200 signatories, one would hope that these measures would be the much-needed lifeline that small businesses need to help manage their cash-flow.
There are, however, some sobering figures that demonstrate the true scale of the issue of late payment and the impact that this can have on businesses. When the Government announced the reforms in January, it was accompanied by the shocking statistic that £23.4bn of late invoices are owed to UK businesses.
Time Finance plc (LON:TIME) is an AIM-listed business specialising in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans.