Turkey comes out on top at Christmas, says new research
Turkey is the ‘best’ European country in the G20 for UK firms to do business with, according to research released today. The findings, compiled by the global business intelligence experts Creditsafe, have revealed Turkish businesses pay bills to their UK counterparts quicker than any other European G20 country, at an average of 4 days beyond terms (DBT).
Creditsafe used its trade payment data databases to analyse over 850,000 UK invoices for companies across all 18 of the G20 countries outside of the UK. The results show that on average, it takes 17 DBT for a company from a G20 country to settle invoices with UK businesses.
Rachel Mainwaring, Operations Director at Creditsafe UK, commented: “After the EU referendum vote, many UK businesses are now looking to increase their trade internationally. Turkey, interestingly at this festive time of year, are the speediest payers closest to home, beating other European nations within the G20 including Austria, Denmark and Finland.
“UK firms are continually looking to identify new regions to expand operations into and businesses on the ground to work with, which is something we would absolutely encourage. However, we would always caveat this by advising that businesses use all of the information available through reports such as ours to make the most informed choices on who to work with.”