Insolvency hits 68 practices this year
The architecture sector suffered 68 insolvencies in the first three months of this year, according to research
PwC data showed there had been 378 insolvencies in the sector in just two years as the economic downturn took its toll.
Across the construction sector there were 5,500 insolvencies between 1 April 2011 and 31 March 2013.
London alone saw 977 construction insolvencies in two years.
There were 5 per cent fewer insolvencies in the first quarter of this year than in the final quarter of 2012.
The North East & Cumbria and the North West were the only regions to see increases in numbers of insolvencies in the first quarter of this year.
PwC engineering and construction leader Jonathan Hook said: ‘The sector in the UK is still experiencing declining output year on year so we are not necessarily over the worst in terms of insolvencies.
‘There is an ongoing cash squeeze throughout the supply chain, as has been evidenced in recent reported results.’