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Firms too vulnerable to defaults

More than 350,000 small firms across the UK are relying on just one firm for over 75 per cent of their turnover, making them particularly vulnerable to defaults, according to research released yesterday.<br /><br />A survey of more than 500 small and medium enterprise (SME) manager owners by Close Invoice Finance &ndash; a subsidiary of FTSE 250 merchant bank Close Brothers &ndash; also found that more than three in five SMEs have no insurance to protect against customer default.