{"id":28236,"date":"2016-10-25T10:30:11","date_gmt":"2016-10-25T10:30:11","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=28236"},"modified":"2016-10-25T10:30:11","modified_gmt":"2016-10-25T10:30:11","slug":"payment-delays-cause-small-construction-firms-cash-flow-problems","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/plant-equipment-supplies-news\/payment-delays-cause-small-construction-firms-cash-flow-problems\/28236\/","title":{"rendered":"Payment delays cause small construction firms cash flow problems"},"content":{"rendered":"

Small construction firms are suffering severe cash flow problems due to delays in payments from property developers, threatening viability<\/h2>\n

Failure to pay small construction firms promptly is causing serious cash flow problems<\/a>, it has emerged.<\/p>\n

According to new data from online finance firm Funding Options<\/a> the delay in payments is having a damaging impact on the growth capabilities of subcontractors and is even threatening their viability.<\/p>\n

Fifty-six day wait for payment<\/h3>\n

Funding Options said the largest property developers were on average taking 56 days to pay subcontractors. This is two days longer than reported a year ago.<\/p>\n

Chief executive Conrad Ford said: “Smaller sub-contractors face the risk of bankruptcy if they are not paid within a reasonable amount of time.<\/p>\n

“Increasing numbers of small construction firms need help to cover those gaps in their cash flow.<\/p>\n

“Major developers feel they have a lot to gain from delaying payments, knowing that their sub-contractors would be hesitant to raise their issues for fear of losing out on future work.<\/p>\n

\u201cThere seems to be only two choices for the suppliers: accept these slow payments or lose the business going forward.<\/p>\n

“These kinds of problems also won’t help the Government in hitting the very demanding targets it has set for new home completions.”<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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