ONS Figures Reveal Big Bills Due to UK Businesses Amid COVID-19 Crisis
16th September 2020
A survey by the Office for National Statistics (ONS) has revealed that businesses across many industries are owed large sums in the wake of the coronavirus pandemic.
Although collected from a limited sample, the Business Impact of COVID-19 Survey (BICS) published by the ONS paints a concerning picture. The average amount owed to each business runs into the hundreds of thousands of pounds, or even into the millions in the case of some tech firms. In many cases, more than half of the businesses surveyed had large sums overdue to them.
Obviously, the pandemic and lockdown have put financial strains on businesses across the board. However, many of these debts have been overdue since before the lockdown. Unfortunately, our experiences as a debt collection agency have shown that many businesses are using the ongoing global situation as the latest in a long line of excuses.
What’s worse, the high level of debt is not helped by businesses being unable to chase invoices as a priority with many workforces stretched thin.
Commercial Debt Recovery Services
While many businesses don’t have the time or resources to chase debtors in a meaningful way, an effective third-party debt recovery partner can make the difference between getting ignored endlessly and getting paid.
Direct Collection Bailiffs Ltd offer a highly successful commercial debt recovery service. Our priority is collecting overdue invoices for clients whilst operating professionally and ethically, working with debtors to come to a reasonable arrangement for repayment. This approach has paid dividends for our clients throughout the ongoing COVID crisis.
If you are one of the many businesses struggling to get invoices paid, call DCBL on 0203 298 0201 or fill in our online form for a free debt recovery consultation.