Ad
Wednesday, April 2, 2025
10.7 C
London

U.K. Edition

Construction Sector Tops UK Insolvency List

- Advertisement -

According to recent data from the Insolvency Service, the UK construction industry has recorded the highest number of insolvencies across all sectors in the 12 months leading up to March 2023.

A total of 4,165 insolvencies were lodged in the first three months of 2023 alone, accounting for nearly one-fifth (19%) of all cases in industries with captured data.

Following the construction industry were the wholesale and retail trade and repair of vehicles (3,518 insolvencies, 16% of cases) and accommodation and food services (2,951 insolvencies, 13% of cases). This continues the trend of construction having the highest quarterly number of insolvencies among all industrial sectors.

In terms of overall company insolvencies, there was an 18% increase compared to the same first-quarter period in 2022. Company insolvency statistics for England and Wales, together with figures for Scotland and Northern Ireland, show a 4% decrease in total company insolvencies in Q1 2023 compared to Q4 2022. After seasonal adjustments, England and Wales registered a total of 5,747 company insolvencies in Q1 2023.

Scotland experienced a significant increase in company insolvencies, with 297 cases reported in Q1 2023, a 41% increase compared to the same quarter in 2022. In contrast, Northern Ireland saw a decrease of 29% with 40 company insolvencies in Q1 2023 compared to Q1 2022.

Over the 12 months ending Q1 2023, 1 in every 197 companies faced liquidation, a higher ratio than those recorded in the 12-month periods ending Q4 2022 and Q1 2022.

- Advertisement -

Popular this week >

NASC and SAA Unite to Boost Global Scaffolding Standards

In a landmark move for the global scaffolding industry,...

TRAD UK Hits £30,000 in Annual Fundraising Challenge

The company raised target three times as employees and...

Service and Support: The Values Driving Commercial Success for Layher Customers

Businesses overlook good customer relationships at their peril. It...

Pilosio to Unveil Pioneering Scaffolding and Formwork Solutions at Bauma 2025

Italian construction solutions specialist Pilosio will unveil an extensive...

Doka Unveils Cutting-Edge Innovations Ahead of Bauma 2025

Austrian formwork and scaffolding giant Doka is preparing to...
- Advertisements -

Related Articles >

Construction sees bumper month as contract awards increase by 58%

In April 2021, contract awards increased by 58% compared to March to £9.1 billion. A level not seen since January 2020, says industry experts. Sector analysis by Barbour ABI shows that residential contract awards...

Latest Topics

AT-PAC Strengthens U.S. Team with Key Appointment

Scaffolding systems provider AT-PAC has appointed seasoned industry figure...

Avontus Employee to Run London Half Marathon in Honour of Loved Ones

An employee at scaffolding software company Avontus is preparing...

Pilosio to Unveil Pioneering Scaffolding and Formwork Solutions at Bauma 2025

Italian construction solutions specialist Pilosio will unveil an extensive...

New Scheme Aims to Transform Apprenticeship Experience in Construction

A new initiative designed to reward and support apprentices...
- Advertisement -

Popular Categories