Crisis within the Construction Industry
Published: 08/02/2021 By Jane PriceConstruction is an industry that has always experienced high rates of business stress, with many businesses often waiting a long time for payment or profits to be realised from developments in which they have invested, which often have a significant impact on cash flow and the payments of creditors and suppliers.
We know that it’s not new news when we say the construction industry are struggling with the effects of Covid-19. But the Office for National Statistics (ONS) have completed a recent survey of 3,568 construction firms which show the difficulties the industry are having to deal with. It shows a lack of new jobs, price increases for materials, labour shortages, partly due to a drop in the number of migrant workers, and lower productivity due to social distancing factors.
At turpin barker armstrong we have spent many years working with the construction industry assisting developers, sub-contractors and building suppliers who have found themselves in a difficult position and we understand the pressures that the industry faces. Using our knowledge and our expertise of helping construction companies with a wide range of financial and contractual issues, no matter their size or current financial health we can provide both business rescue solutions and insolvency advice.
If your construction business is showing signs of business stress or you are concerned about the current state of your company’s finances restructuring your company may be the answer. It is vital that you act swiftly. Don’t procrastinatem, ensure you are not in breach of your legal duties , you must take advice urgently.
To find out how our experienced team can help you and your business with a wide range of issues, please contact us. Call us on 020 8661 7878, email firstname.lastname@example.org or fill out our contact from here and we will call you.