Overdue invoices in Wales reach 26-month high, warns insolvency trade body
THE NUMBER of overdue invoices owed by Welsh businesses has surged to a 26-month high, according to new data released by R3, the UK's insolvency and restructuring trade body.
R3's analysis of Creditsafe figures reveals that Welsh firms had 156,775 overdue invoices on their books in April 2025 – the highest monthly total since February 2023, when the figure stood at 161,860. This marks a 19.2% increase compared to April 2024, when the total was 131,272.
Overdue invoices have been rising steadily since November 2024, with April's figure up 1% from March's total of 155,279.
Bethan Evans, Chair of R3 in Wales and a partner at Menzies LLP, said: 'Late payments have been a persistent issue in Wales, but the fact they've now reached the highest point in over two years underlines just how tough trading conditions have become. These levels are now exceeding those seen in 2023 and 2024, when many businesses were still recovering from the pandemic, facing soaring costs, and grappling with the wider cost-of-living crisis.'
Evans noted that new financial pressures came into effect in April, including increases to the National Minimum Wage and Employers' National Insurance contributions.
'These additional costs are likely to exacerbate cash flow challenges, particularly for sectors already operating on thin margins – such as construction, hospitality, and retail,' she added.
The number of Welsh companies with overdue invoices has also climbed. In April 2025, 18,879 businesses reported overdue payments – a 5.8% increase on the 17,849 recorded in April 2024.
Evans warned that the ripple effects of late payments could be far-reaching: 'When more businesses struggle to pay their bills on time, it disrupts supply chains and increases the financial strain on others. April marked a critical point for many companies, and it's vital that directors can spot the early signs of financial distress.
'If you're seeing warning signs – such as rising late or missed payments, shrinking margins, or mounting pressure from creditors – it's time to seek advice. Acting early can offer a clearer path forward, more options, and a better chance of resolving financial difficulties.'
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