February 2024

Industry News
WORRYING STATS FOR
SECTOR INSOLVENCIES
The construction sector is experiencing
the highest number of insolvencies of any
industry in the UK, with 4,370 companies
going bust in the year to the end of
November 2023, representing 17% of all
insolvencies, according to Mazars, the
international audit, tax and advisory firm.
Mazars says in 2022, the UK’s construction
sector contributed 6% to the country’s GDP,
however construction insolvencies have
consistently outnumbered any other sector
for the past three years, with 2022/23’s
figure showing a 7% increase from the 4,086
companies that went insolvent in 2021/22,
and a 76% rise from 2,481 2020/21.
Mazars points out that the construction
sector has been hit hardest with a perfect
storm of high material and labour costs,
while the impact of rising borrowing costs
has further impacted profit margins on both
live and pipeline development projects. The
company also points out that 2023 saw
mortgage rates reach a 15-year high, putting
a dent in consumer confidence and taking the
heat out of the dramatic price rises in
residential housing over recent years.
Mark Boughey, Partner in the Restructuring
Services team at Mazars, explained: “There
are now on average a dozen building
companies going under every single day in
the UK. This is an immensely difficult period
for the construction sector.”
He continued: “One problem is that the
commercial viability of a lot of today’s projects
were assessed three or four years ago, with
fixed price contracts often being negotiated –
since then, costs have spiralled, while buyers’
appetite has taken a dive. Construction
contractors operate on very tight margins at the
best of times – the sector is really being
squeezed at both ends right now.”
More news, updates and interviews at www.total-contractor.co.uk
APPRENTICES, HAVE YOU GOT WHAT IT
TAKES TO WIN THIS YEAR’S BMI TITLE?
Roofing apprentices across the UK are being
encouraged to showcase their skills by entering
this year’s BMI Apprentice of the Year
competition, which takes place on the 24th and
25th July.
The event, hosted by BMI UK & Ireland –
manufacturer of leading roofing
brands Redland and Icopal – is
open to apprentices in both pitched
and flat roofing. The competition will
see finalists undertake a series of
challenges, providing opportunities to
showcase and develop their skills – from
technical and practical capability and teamwork,
through to marketing and business acumen.
Held over two days at the BMI Academy in
Gloucestershire, each round of the competition is
overseen by a panel of judges who are selected
for their influence on the roofing sector. This
provides finalists with an opportunity to learn
directly from leading industry figures.
BMI says the Apprentice of the Year competition
aims to strengthen the future of the roofing
industry and address the skills shortage by
providing a platform for these new recruits to
expand their skills and receive the necessary
levels of support needed to develop quickly and
succeed.
More than just a contest of existing technical
skills, BM points out the two-day event is
designed to provide coaching and development so
that all of the finalists walk away having
benefitted from the experience. Reflected through
this year’s theme of ‘Building New Horizons’, BMI
says the competition provides a platform for new
talent starting their careers, as well as the tutors
and employers creating opportunities and sharing
their expertise with apprentices.
This year, two apprentices will earn the title of
BMI Apprentice of the Year – one in flat roofing
and the other in pitched – alongside a £1,000
Euan Forsyth, pictured above, centre, with
Meghan Waller and Fraser Biles of BMI UK &
Ireland, was crowned Pitched Roofing
Apprentice of the Year 2023, and Charlie Plant
(left, centre) won the Flat Roofing category.
cash prize and three years’ worth of training
at the BMI Academy. To enter, roofing apprentices
are invited to submit their entry online by 26th
April.
Fraser Biles, Commercial Director at BMI, said:
“Apprenticeships provide a fantastic route in the
industry, giving new entrants the opportunity to
undertake their training and apply their learnings
on jobs alongside experienced roofers.”
He continued: “The BMI Apprentice of the Year
event celebrates the commitment, enthusiasm
and growing skillsets of new roofers – as well as
the continued support of employers, colleges,
and training providers that help them on their
journeys. The competition is the ideal platform
for apprentices to showcase and develop their
skills, and may even be an event that helps
define their careers in roofing. We’re really
excited to see the quality of candidates for this
year’s competition!”
This year’s BMI Apprentice of the Year competition
opened during National Apprenticeship Week on
5th February, and applicants are invited to submit
entries online by 26th April. This year’s finalists
will be selected in May, before being invited to
compete in the two-day final at the BMI Academy
in July where the winners will be crowned.
Find out more about the BMI Apprentice of the
Year competition and how to apply, at
bmigroup.com/uk/aoty
6 TC FEBRUARY 2024