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Construction insolvency rate slows up

More than 5,000 construction firms have gone bust since 2009, according to accountants PriceWaterhouseCoopers.

However, the rate of collapse is slowing, the firm’s latest data shows.

New insolvency data shows there were 5,126 collapsed construction companies between Q3 2009 and Q2 2011, with 17.7% fewer insolvencies during the second quarter compared to the start of the year.

Jonathan Hook, construction leader, PwC, said: “These figures highlight that construction in the UK is a long way from recovery.

“Whilst the number of insolvencies fell on the previous quarter of 2011, they are still 5% up on the equivalent quarter last year.

“Companies working on major infrastructure projects or on large frameworks are still busy, but the picture outside London and the South East is going to continue to be challenging.”

About Fiona Russell-Horne

Fiona Russell-Horne
Group Managing Editor across the BMJ portfolio.

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