Insolvencies soar as inflation woes compounded by end of covid support

By Daniel Gayne2022-05-03T06:00:00

Rising costs see 142% increase in firms going out of business compared with last year – and warnings of more to come

The number of construction companies going into administration has almost doubled within a year, as firms feel the pressure of rising costs and covid loan repayments.

According to the Insolvency Service, there were 307 insolvencies in the construction sector in February 2022, a 142% increase on the 127 insolvencies in the same month last year and a 6% increase on the monthly average for the last quarter of 2021.

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