The latest Insolvency Report from leading UK marketing data firm Insight Data reveals a sharp rise in company closures across construction, glazing and building product sectors in October, reversing the improvement seen the previous month.
Small builders were hit hardest, with 138 firms going out of business – a 60 per cent increase from September’s 86. Main contractors with turnovers above £5 million saw insolvencies double from three to six, while 124 fenestration companies ceased trading, up 36 per cent. Builders’ merchants also suffered, with 16 closures compared to 12 the previous month. The only sector to show improvement was architecture, where insolvencies fell by nine per cent.
Insight Data’s Commercial Director, Alex Tremlett, commented: “These figures reflect the financial pressure many businesses are under, especially with the upcoming Budget likely to bring more uncertainty. It’s a reminder that companies need to stay agile, diversify and make decisions based on live market intelligence rather than instinct or outdated information.”
Insight Data says businesses investing in renewables, energy-efficient products and new market segments are weathering the storm more effectively. The company advises that focusing on reputation, communication and customer loyalty will be key to long-term survival and growth.
Insight Data provides B2B marketing data and CRM tools specifically for the construction, glazing and building products sectors in the UK. It offers live prospect data, market intelligence and lead generation services through its online platform, Salestracker.
To access the full Insolvency Report, visit https://www.insightdata.co.uk/resources/downloads/
