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 <strong>February</strong>, 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 <strong>2024</strong>
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