Alarming rise in firms going bust
- Published: 17 July 2008 09:59
- Last Updated: 17 July 2008 09:59
The number of construction companies going bust in the second quarter of 2008 was more than double the average for the rest of the economy.
Credit agency Equifax's Business Failure Report reveals a 20.3 per cent rise in construction businesses hitting the skids between April and June compared with the same period in 2007.
The rise for UK companies as a whole was just 10 per cent. In the first half of the year construction failures were up 15.4 per cent, significantly higher than the 9.6 per cent rise seen across the economy as a whole.
Recent business failures in the sector include contractor Chase Norton, developer City Lofts and property services firm Erinaceous.
