Nearly 8,000 building firms on the verge of insolvency as construction becomes UK's second worst performing sector

7,849 construction firms are in critical financial condition
7,849 construction firms are in critical financial condition, according to Begbies Traynor's latest findings (Image credit: Getty Images)

Critical financial distress among UK construction companies grew rapidly in the last quarter of 2023, according to a new analysis.

The number of companies in a precarious financial position rose by a third, according to the Begbies Traynor ‘Red Flag Alert’ report, which provides a snapshot of British corporate health.

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.