In recent years insolvency rates in the construction industry have surged, creating a key challenge for our industry. Energy costs and material availability post-Covid laid the ground for financial issues, which a depressed market has now exacerbated.
A number of large Contractors and Sub-contractors have fallen into administration over recent months, and this has caused a ripple of widespread consequences. The impact is felt both at a project level, bringing delays and a financial burden felt by numerous parties, and at an industry level, shrinking the supply chain in an already under resourced market and driving an even more cautious, risk adverse approach to engaging in new projects, particularly those deemed difficult and challenging.
At Jackson Coles we recognise that the right guidance – given at the right time – can help reduce the chances of insolvency occurring. We also work hard to make sure our clients and team are well aware of the warning signs at key points during construction, so that safeguarding measures can be introduced to mitigate the impact.
Our cost consultancy team have produced a simple one-page guide which sets out some of these early warning signs alongside measures which can be taken to reduce insolvency risk. Click here to download the guide.
