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Entrepreneurs Panel

Jeremy Roberts
Charlie Mullins
Brian Hay
Jennie Johnson
Debbie Pierce
Tony Caldeira
Julie Meyer
Richard O'Sullivan
Michael Oliver
David Pollock
Steve Purdham
Laura Tenison

Interesting times

Changes to late payment law will benefit small fi rms managing tight cash flow, according to accountants.

The Government recently announced that it was going to fast-track adoption of the EU late payment directive so that it can become law in 2012, ahead of the 2013 deadline.

When the legislation comes into force, public and private sector organisations will have 30 days to pay invoices.

Businesses will then automatically be entitled to claim interest on late payment and claim about £35 for recovery costs. The statutory interest rate will rise to at least eight per cent, bringing it into line with the current UK standard.

In most cases payment terms beyond 60 days will be deemed “grossly unfair” and therefore unlawful.

  • Kathryn Parsons, co-founder of Decoded, started with little more than faith and determination, but four years later it’s grown into a global business. Ahead of her appearance at Accelerate 2015 in...

  • Author, writer and marketer Ryan Holiday on how entrepreneurs need to interpret failure.

  • Sue Vizard, business coach and author of Jump Start: The Start-up Book for Your Dream Business, looks at some of the questions solo entrepreneurs should ask themselves.

  • Ian Wright, founder and chief executive of NonExecutiveDirectors.com, is bringing together SMEs and NEDs - without the hefty recruitment fees.

  • Former professional golfer turned entrepreneur Colin Stevens has had a busy 18 months. The Better Bathrooms founder has increased turnover at the firm, secured a multi-million pound investment and...

Five Minutes With

David Hughes sums up his entrepreneurial career to date thus: four spectacular successes and two failures. He founded the sports retailer Allsports and achieved turnover of £180 million before a vicious price war meant decline, administration in 2005 and a sell-off to rival JD Sports.

It took Richard Shonn, managing director of 151 Products, three years to find a warehouse big enough for his requirements.