- Lack of exposure to residential projects has helped
- Both struggled during the pandemic but have shored up their balance sheets
More construction companies went bust last year than in any other sector for the third year running, but most of the major listed contractors continue to thrive.
Some 4,370 construction companies entered an insolvency process in the year ended November 2023, equating to 17 per cent of all UK corporate insolvencies, according to an analysis of Insolvency Service data by accountancy firm Mazars. “There are now on average a dozen building companies going under every single day in the UK,” said Mark Boughey, a restructuring services partner at the firm. Small and medium-sized contractors said workloads declined by 15 per cent last year and almost half reported a fall in new enquiries, the Federation of Master Builders said.