Businesses in the South West had 141,412 fewer overdue invoices on their books in April 2023 than in April 2022, according to new research.

UK insolvency and restructuring trade body, R3, analysed data provided by Creditsafe, which showed there were 311,232 overdue invoices in the South West last month, compared to April 2022's figure of 452,644 - a yearly fall of 31.2%.

The South West's year-on-year reduction in overdue invoices was the third highest of all the regions and nations in the UK, with only the East Midlands (32.5% fall) and Wales (32.1% fall) showing a greater drop in numbers.

Charlotte May, chair of R3 in the South West, said: "The South West's debt burden has fallen steadily since the end of 2022 - with more than 49,500 fewer overdue invoices last month than in December, and more than 19,000 fewer overdue invoices last month since February.

"This is encouraging news, and suggests more businesses have better control of their cash flow and their payment practices."