Building firms account for one-third of autumn insolvencies

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The Independent Online

Construction and property companies suffered more than a third of the UK’s insolvencies in the autumn, highlighting their exposure to the credit crunch and property slump.

Research by Wilkins Kennedy found that while construction and property services firms employ less than 5 per cent of the UK workforce, they accounted for 34 per cent of corporate insolvencies in September and October. Building and construction was the worst hit sector with 21 per cent of the insolvencies, compared to just 8 per cent in financial services and 5 per cent in retail and wholesale.