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Construction insolvencies on the rise

The number of construction insolvencies rose in the first three months of this year, according to an accountancy firm.

Wilkins Kennedy calculated that 1,570 firms in the industry went out of business in Q1 2012 – 23 more than in Q4 2011.

And the accountants warned that government spending cuts, effects of the Olympics on sites in London, and bad weather could see the trend worsen.

Nick Parrett, head of construction at Wilkins Kennedy, said: “The winter rise in construction firm insolvency was expected, but it probably won’t be a blip. It could well be the start of a new upward trend in construction insolvencies.”

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