Drop in construction firm failures
Published: 13 October, 2010
LONDON: The Construction sector saw a year-on-year fall in the number of businesses going bust of 11.3% in Q3 and insolvencies went down for the second quarter in a row, the Equifax Business Failures Report has revealed.
Looking at the UK picture, the number of failures at 6646 for the quarter, brings the level of business insolvency closer to that experienced in late 2007 and early 2008 when the credit crunch first took hold of the economy. However there’s a bit of a way to go to reach the levels achieved during the boom years of 2004/2005/2006 when numbers were around 5500 each quarter.
Wholesale saw the best quarter-on-quarter performance (19.4%) and year-on-year (19.7%) sector improvement
Yorkshire and Humberside sees year-on-year fall of 20.7% and quarter-on-quarter numbers down 10.6%
There has been a 33.1% year-on-year drop for Scotland, the best performing region.