More than three in 10 UK business are finding clients are taking longer to pay than a year ago, according to research from Bibby Financial Services.

The survey of 300 business owners and managers found that 20% of firms have chased invoices three times or more, while 48,000 businesses have had to follow up invoices more than 11 times.

Edward Rimmer, Bibby Financial Services’ UK chief executive, says: “The UK business community has got to stem the tide. We cannot keep stalling payment and expect it to have no consequence.”