Construction bankruptcies persist

31 July 2012 Over 5,000 construction companies have gone bust since the start of 2010, according to new figures.

PwC has released a report which showed that more than 50 companies a week were going under as a result of the recession. 2,527 construction companies went bust in 2010 and another 2,688 last year.

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. The trend shows no sign of abating."

Accountancy firm Wilkins Kennedy found 1,570 construction firms alone went bust in the first three months of the year – 1.5% more than in the previous quarter.

"The outlook for construction companies is bleak," said Nick Parrett, head of property and construction at Wilkins Kennedy, noting that the Olympic boost is coming to an end and new building work on schools and hospitals is drying up.

This page was last updated on:
26 May 2015.

thumb

Rocky road ahead

The UK General Election may not have produced the stability investors would have hoped for – even with a Conservative majority

thumb

Funding Netherlands

Could the Dutch PPP market be the one that never grows old, Amanda Nicholls asks the Ministry of Finance’s PPP Coordinator Erik Jan Snik

register

Register now to get un-restricted access to all sections of the website.

Want to see more first? Try our free preview...