WHILE the number of regional small and medium firms facing cashflow problems remains low, late payment of invoices remains an issue for many, a new survey shows.

The latest Business in Britain report from Lloyds Bank, which surveyed 1,500 UK SMEs, found that 67 per cent of Yorkshire SME’s suffered from late payment..

The number of regional companies with cashflow problems rose to 20 per cent in the second half of 2014, against 15 per cent earlier in the year.

Concerns about the global economy lowered confidence levels at many firms.

Clare Boswell, Yorkshire area director, Lloyds Bank Global Transaction Banking, said: “Cashflow ought to be the most important focus for any business, so the fact that relatively few have concerns in this area is very positive.

“Late payment continues to be a problem for many businesses. Widespread adoption of the Prompt Payment Code would help, but businesses also need to carry out thorough credit checks on customers and set out clear payment terms at the outset of any relationship.”