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UK Tops Turnover Stats for Invoice Finance

According to recent statistics, the UK has topped the list of European countries when it comes to invoice finance statistics. New figures show that the turnover from UK firms which use factoring and invoice discounting is higher than anywhere else in Europe.

This new data shows the amount of turnover by country from companies using invoice finance within Europe – the UK tops this list with figures of 122bn euros. This puts the UK clearly out in front, as the next highest is France with 84bn euros, with Italy at 82bn euros. One of the most surprising things is that Germany, Europe’s largest economy, is back in fourth with 75bn euros in turnover.

These figures all show that invoice finance is key for many companies across Europe, but highlights its importance within the UK economy. Nearly every European economy saw businesses who used invoice finance experience double digit turnover growth compared to 2010. This shows how influential invoice finance can be to improving turnover and helping companies to make the most of opportunities to grow their business.

Invoice finance works by unlocking the cash tied up in unpaid invoices, helping businesses to combat late payment issues. It’s a viable alternative to going to the bank for a loan for those companies that issue invoices to customers, as the requirements are not so massively strict. With the increasingly stringent bank lending requirements in the UK, this is perhaps why businesses are using factoring and this is perhaps a reason why the country tops the table when it comes to turnover.

Invoice finance has already been backed by the government as a way to plug the multi billion pound funding gap that is predicted to open up. And, with figures that show such a good impact on turnover, we’re perhaps seeing more UK businesses take this to heart and investigate their alternative finance options.

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