UK builders facing financial meltdown
Posted on February 02nd 2009
A new survey by the building industry analyst Plimsoll has found that of 1,000 polled businesses almost half, 496 had financial troubles and were in danger of going out of business.
The survey warned that not all of the businesses would survive the recession as viable businesses with the only silver lining being that those who do continue trading should be more streamlined, less reliant of financing and be better businesses for it.
One of the latest companies to suffer in the building sector is John Nicholls of Truro that has gone into administration after 47 years of business.
According to the survey of the 496 firms that said they had troubles 287 of them had increased debts with 336 having falls in profits with 198 actually losing money.
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