Gerling NCM and Creditek have launched a credit management outsourcing company, which they said would help improve a client's finances.

UK businesses spend more than £12bn each year on the management of trade debt, which can account for up to 40% of a company's net assets, said the two companies.

They said the new service would help firms improve their credit management, ensuring faster payment of trade debt, boosting cash flow and freeing up working capital.

Gerling NCM and Creditek said customers would be able to choose to outsource individual accounting and finance services, or their entire credit management function.

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