15,000 construction firms set up in 2014

Builders’ merchants are set to benefit from a healthier construction industry.

08th May 2015

2014 was a great year for the construction industry and builders’ merchants, as we’ve previously reported on the Integrity Trader blog. Now we have another figure that should add to the optimism in the sector: 15,805 construction companies were registered in the UK for the first time in 2014. This represents a 5.6% rise in the total number of companies operating in the sector, bring ingthe total to 214,521 according to research from Creditsafe. However, the company also reported that 4,441 construction firms had gone out of business during the same period.

Only 5% of construction companies were in Creditsafe’s ‘high risk’ category (based on creditworthiness) at the end of 2014, down from 11% at the start of the year. The proportion of companies in the lowest risk group increased from 13% at the start of 2014 to 23% at the end of the year. From these figures, it appears that more and more construction companies are getting their finances in order. On the other hand, the research also points out that construction companies pay their bills an average of 17 days late.

Builders’ merchants are no strangers to late payments – we’ve discussed the issue extensively right here on the Trader blog. Despite the construction sector’s recovery, builders’ merchants must still be vigilant about their finances. Retail and point-of-sale software has become essential for many builders’ merchants in order to optimise stock control and streamline administrative processes. Find out more about Trader and what it can bring to your business. 

 

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