Big rise in Construction sector insolvencies

Latest data analysis by Mazars has found that on average a dozen construction firms are going bust every day after 4,370 firms collapsed last year.
In the year to the end of November, 4,370 companies went insolvent compared to 4,086 in 2021/22 and 2,481 in 2020/21. This reflected a 7% increase in insolvencies from 2021/22 and 76% in 2020/21 due to high material and labour costs.
The auditing company said that the increasing costs of borrowing have affected the profit margins of ongoing and upcom