The Construction sector remains the most significant contributor to insolvency, representing 16% of all insolvencies in July 2024, with 401 Construction companies becoming insolvent. Construction accounted for 17% of all company insolvencies in 2024.
Two sectors that traditionally see large numbers of business failures and are worth reviewing are Wholesale and Retail, which saw 352 companies become insolvent in July, and Accommodation and Food Services, where 332 businesses failed. The combined total of these sectors represents 28% of all insolvencies.
Whilst inflation and energy costs start to decline, the knock-on effect is still expected to hit many more sectors in the coming months.