328 construction firms went out of business in the UK during February 2023, which is 12.7% higher than in January and 6.5% higher than a year ago according to the government’s Insolvency Service. In the year to February, 4,156 contractors went out of business, the second highest 12-month total of contractors to go out of business since the financial crisis, after December’s 12-month total of 4,160 firms.

Only 6% of contractors that went out of business were civils contractors, which have tended to be less affected as infrastructure activity has been strong due to major projects and frameworks plus public sector and regulated sector clients have tended to understand cost rise issues and been less stringent enforcing fixed-price contracts.

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