Construction firms 'still at risk' of insolvency
Published Date: 01/08/2012 15:31:13
Given the fragility of Britain's property market and the cautious approach being employed by investors, the construction sector has struggled in recent years as firms fight to secure the contracts they need to keep them afloat.
And as small and medium-sized companies face the challenge of staying profitable in a tough economic climate, the risk of insolvency can hang over the heads of managers trying to secure the future of their business.
"Generally, you find that people talk about the medium-sized companies as being most at risk," said Tom Fitzpatrick, deputy news editor at Construction News, when questioned on the threat of insolvency that that businesses in the construction industry are facing.
"You are looking at medium-sized companies [as being most at risk], but obviously things are tight for everyone at the moment."
While it seems that the current situation is far from favourable for any construction firms, many will be relying on business insurance to provide an element of security to their finances.
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