Over 5,000 construction companies have gone bust with the UK construction industry since 2010.
The shocking findings were compiled by accountant PwC; it further highlights the distress the UK construction industry is in. The statistics show that 2,527 construction companies went bust in 2010 and last year that figure rose to 2,688.
Jonathan Hook, head of engineering & construction at PwC said: “2011 was another tough year for the construction sector and there were 6% more insolvencies in the sector in 2011 than 2010. Over the last two years we have lost more than 5,000 companies and the trend shows no sign of abating.”
Hook added, “The cuts to the Government’s capital programme and uncertainty around the economy and financing generally means there is little chance that 2012 will see this trend reverse. London reported a 5% decline in the number of insolvencies in the sector last year, highlighting that it is increasingly tough elsewhere in the regions, where we saw a 9% increase”
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Recipro sourced this article from Construction Enquirer and Builder & Engineer.
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