More than a third of UK small businesses don’t know how much money they are owed in unpaid invoices, according to new research by Bibby Financial Services.

The study quizzed 1,000 small and medium businesses about money owed to them during the third quarter of 2014.

Some 36% of SMEs questions could not put a figure on their owings. Of the businesses that could quote a number, 31% said it was more than £20,000 and 14% said it was more the £50,000.

Meanwhile, six percent said they were owed more than £100,000.

Bibby said the study findings reflected “barriers to growth” for thousands of businesses. It added that the issue was especially dire in the hospitality industry, with more than two-thirds of businesses in the dark about amounts owed.

David Postings, CEO of Bibby, said: “This represents a significant amount of money owed to UK SMEs and the value of these outstanding invoices could be reinvested into businesses in the form of recruitment or technology.

He added: “Small and medium sized businesses are the backbone of the UK economy so this represents a significant threat to long-term economic growth.”