The figure, taken from the bank's Business in Britain survey, represents an eight per cent increase on the same period last year but is still well below the peak of 56 per cent reached in the recession of the early 1990s.
Seventy per cent of companies who reported cash flow problems blamed late payment of invoices by their customers, as a growing number of firms stretch their credit terms and hold onto cash.
Business in Britain polls over 3,400 UK firms, the majority of which have a turnover under £15million.
The study found that firms in the wholesale and distribution and construction industries were most likely to suffer from late payments (83 and 80 per cent respectively) whilst businesses in the hotel, catering and leisure industries faired comparatively well with just 32 per cent blaming late payment.
Lloyds TSB Commercial Finance, the bank's asset based lending division which provides facilities designed to strengthen cash flow, says the problem is likely to worsen in 2009 as an increasing number of UK firms feel the effects of the economic downturn.
Simon Featherstone, managing director of Commercial Finance, said: "The research shows that late payments were already negatively impacting cash flows in the second half of 2008.
"With economic conditions remaining tough, it's vital that businesses examine where the threats lie and look at ways and means of strengthening their cash flow going forward.
"It's no surprise that we're seeing a rise in the number of businesses enquiring about products such as factoring and invoice discounting. These forms of finance enable businesses to release the value held in assets, such as invoices, machinery or stock, to quickly strengthen cash flow.
"The use of debtor insurance policies is also on the increase as businesses look to protect themselves from the worst effects of customer insolvencies."
