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Saturday, 01 November 2014

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Grim picture for Cumbrian construction firms

Three in 10 Cumbrian construction companies could fail in the next 12 months according to R3, the insolvency trade body.

Jeremy Oddie, regional chairman of R3 and head of recoveries at accountant Mitchell Charlesworth, said difficulties in raising funding for development, and cuts in public spending, were key issues facing the industry.

He added: “The construction sector has been one of the worst affected in the downturn. The ‘crane count’ in towns and cities clearly indicates the fall in activity and there is still no relief in sight.

“Developers are finding it extremely difficult to raise funds for commercial property and can often only do so on the back of an anchor tenant.

“At the same time, many public-sector projects have been put on hold.

“There is some comfort for smaller builders though as the ‘skip count’ indicates that home owners are choosing to upgrade their properties rather than sell up and move in the current market.

“Overall times are tough for construction companies and many will find it difficult to survive the winter.”

R3’s claim follows the recent Markit/CIPS Construction Purchasing Managers’ Index, which showed that new orders fell for a fifth consecutive month in October.

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