Builders going bust at their fastest rate in over a decade

Construction Workers Working On Wooden Roof Of House
UK builders are going out of business at a rapid rate. File picture (Image credit: Getty Images)

Builders are going out of business at the fastest rate in a decade, according to the latest data from the Insolvency Service.

The building sector accounted for a fifth of all UK insolvencies, with 2,094 going to the wall after being hit by soaring material costs, a labour shortage and slowing demand. Overall, there were 10,717 insolvencies in the UK.

Sam Webb

Sam is based in Coventry and has been a news reporter for nearly 20 years. His work has featured in the Mirror, The Sun, MailOnline, the Independent, and news outlets throughout the world.  As a copywriter, he has written for clients as diverse as Saint-Gobain, Michelin, Halfords Autocentre, Great British Heating, and Irwin Industrial Tools. During the pandemic, he converted a van into a mini-camper and is currently planning to convert his shed into an office and Star Wars shrine.