The collapse of construction group Carillion earlier this year triggered a 20% spike in the the number of UK building firms becoming insolvent, according to a report.
In a devastating knock-on effect for the sector, a total of 780 companies in the industry fell into insolvency in the first quarter of 2018 a one-fifth rise on the same period the previous year the analysis by accountancy firm Moore Stephens revealed. In total there were 2,764 insolvency casualties among building firms in the 2017-18 financial year, up by 6% on the previous 12 months.
Carillion filed for bankruptcy in January after its stock market value slumped 90% on the news it had racked up debts of about 1bn and was struggling to fill a 600m hole in its pension fund…
Read the full article at: https://www.theguardian.com/business/2018/oct/01/insolvencies-in-uk-building-firms-rise-20-after-carillion-collapse