Over 5,000 construction firms have gone insolvent since autumn 2010, new insolvency figures have revealed
The PwC figures reveal that since September 2010 5,527 construction companies have gone insolvent.
This is despite there being 15.5% fewer construction insolvencies over the second quarter of 2012 compared to the previous quarter. London suffered 120 construction insolvencies in Q2 and has lost 962 firms overall in the industry since September 2010.
Of the 5,527 construction companies around 30% (1,635) were general construction and civil engineering firms, with the remainder made up of architectural, building, water projects, painting, roofing and plastering.
The figures come in a week when it emerged that saw three more construction firms had gone into administration.
Last week KPMG confirmed that Airedale M&E had been placed in administration, with the loss of 153 jobs - this was followed by news that Hampshire-based Specialist Engineering Contracts (SEC) had gone into administration and the former contracting arm of Shaylor Group has filed for administration.
24 September 2012
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