17,000 construction firms risk collapsing any minute as high inflation is ‘destroying entire sector’ October 4, 2022 The number of UK construction companies at significant risk of closure has jumped 54 per cent to 16,755 this quarter, up from 10,686, according to fresh data shared with City A.M. this morning. Construction companies are struggling to cope with spiralling construction costs, inflation and rising interest rates on their debt. In the last quarter [...]
Luxury resort developer jailed for 12 years over £226m fraud September 30, 2022 A “thrice bankrupt fraudster”, who lost investors almost £400m through a “fatally flawed” Caribbean property scheme, was jailed at Southwark Crown Court today. David Ames, 70, a former double-glazing seller from Essex, was sentenced to 12 years in prison today, after being convicted of defrauding investors of £226m. Ames’ Harlequin property development company collapsed in [...]
Construction sector shrinks for second month in a row as recession signals brighten September 6, 2022 Construction activity shrank for the second month in a row in a sign the UK economy’s malaise is spreading to every sector, a closely watched survey published today showed. S&P Global and the Chartered Institute of Procurement and Supply’s purchasing managers’ index (PMI) edged higher to 49.2 last month, up from 48.9 in July. Despite [...]
Concrete plans: Will cement-free concrete ease emissions? August 29, 2022 City A.M. looks at whether cement-free concrete could prevent new green projects being undermined by heavy emissions.
Exclusive: Britain needs to keep building says Marshalls boss August 18, 2022 The Government must continue its plans to boost domestic infrastructure, argued the boss of building giant Marshalls.
DIY giants Wickes posts growth in first half but cautious of softening sales and worrying outlook July 26, 2022 Home improvement giant Wickes registered strong sales for the first half of 2022, but has reined in its expectations for the second half due to economic uncertainty. The Northampton-based company had sales growth of 5.5 per cent in the first six months of this year, with progress in its score revenue and ‘Do It For [...]
Forklift maker Manitou infringed JCB’s patent, UK High Court rules July 5, 2022 French forklift manufacturer Manitou infringed JCB’s intellectual property rights through its use of patented stability control systems in its “telehandler” machines, a UK High Court has said. The British heavy vehicle manufacturer is now seeking costs and damages from Manitou, after the court said the French firm infringed JCB’s patent by using patented safety control [...]
Construction giants colluded to rig £150m of contracts including Selfridges and Oxford University, CMA rules June 24, 2022 A consortium of about 10 construction firms illegally colluded to rig bids for £150m of major contracts, according to provisional findings by the UK competition watchdog. The Competition and Markets Authority (CMA) said eight of the firms involved in the cartels have admitted to taking part. The rigged contracts for demolition services included work for [...]
Speedy Hire confident about future following strong final performance May 30, 2022 The board of construction company Speedy Hire has announced it was confident about future performance following a strong set of final results. In the year ended 31 March 2022, the group’s revenue went up 16.3 per cent to £381.7m, while its adjusted profit before tax soared to £30.1m, 72 per cent up on the previous [...]
Marshalls posts record revenues as £535m Marley Group takeover reaps benefits May 11, 2022 Landscaping firm Marshalls has posted record revenues while its £535m takeover of Marley Group continues to reap the benefits. In the first four months of 2022, Marshalls’ group revenue went up 7 per cent to £201m, with £137m of public sector and commercial sales accounting for 68 per cent of the group”s total. The group’s [...]