CreditSafe results show eight out of top 10 searches are related to construction

By Nell Walker
The worlds most-used provider of online company credit reports, CreditSafe, has announced that eight out of the 10 most searched-for UK companies in 201...

The world’s most-used provider of online company credit reports, CreditSafe, has announced that eight out of the 10 most searched-for UK companies in 2015 are construction-related, either directly part of the industry or specialist suppliers.

On average, 1,840 construction companies opened per month last year; a dramatically different figure from mainland Europe. 862 opened per month in France, 230 in Belgium, and in Germany, the numbers fell by around 25 a month.

While the volume of construction businesses continues to rise, the industry itself is as volatile as ever. Of the eight UK companies in the top 10, two had to call in administrators due to severe cash flow problems. One such firm was Fairhurst Ward Abbotts (number 10 on the list), which held a royal warrant as builder and decorator to the Queen. Other corporations which made the top 10 are Balfour Beatty Regional Construction Ltd (number 9), Grafton Merchanting GB Ltd (7), Wolesley UK Ltd (6), Balfour Beatty PLC (5), IESA Ltd (4), GB Building Solutions Ltd (3), and Edmundson Electrical Ltd (2).

Rachel Mainwaring, Operations Director at CreditSafe, said: “The construction industry is one of the most difficult to evaluate as firms rely on a constant influx of new contracts, so companies that file profitable accounts one year can soon find themselves in difficulty the next… The industry is heavily reliant on trade credit so it is vital that suppliers to construction firms continually monitor payment performance and company ratings to avoid potential losses.”

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