White Van Man is at risk of ‘extinction’ as the coronavirus pandemic hits small businesses and sole traders
White Van Man is at risk of ‘extinction’ as the pandemic hits small businesses and sole traders, payment firm Previse has warned.
Large firms are ‘crippling’ their smaller suppliers by delaying or freezing payments, the firm said. In a survey of sole traders and small and medium-sized enterprises (SMEs), Previse found that 62 per cent had seen late payments increase since March.
End of an era?: More than a quarter of SMEs have been forced to close or suspend trading
More than a quarter of SMEs have been forced to close or suspend trading, it added. Previse wants major corporates to commit to shorter payment times for SMEs, and for the Government to force large firms accepting taxpayer support to pay SMEs within 30 days.
Paul Christensen, chief executive of Previse, said: ‘SMEs and white van men are getting a rotten deal.’