CONSTRUCTION DEBT RECOVERY

Being paid the money you are due may not always be as straightforward as completing the construction works, issuing the invoice and waiting for payment to arrive.

Many sectors are bound by practices and legislation that are designed to protect both primary and sub-contractors. Unfortunately, these practices can sometimes have a damaging impact on the parties involved, particularly the smaller construction firms. Waiting for release of retention only to be advised it is not forthcoming, unsubstantiated disputes over quality of work and queried variance costs can all create major headaches for sub-contractors. Over the last three years we have assisted numerous constructionclients, both trading and insolvent, recover these types of debts from construction industries such as Heating and Ventilation, House Building, Glazing, Demolition and many more.

According to a report published by Bibby Financial Services and The Vinden Partnership in January 2015 around 70% of companies in the construction sector suffer from bad debt with around 196,000 firms writing off £10,000 a year. That equates to around £2 billion per year that businesses within the construction sector are missing out on. Even more concerning is that the ongoing costs are often incurred by the contractor through the supply of labour, plant and materials. These figures make for stark reading, but how do you prevent your firm adding to the balance?

By identifying the requirement to engage Fallburn Business Consulting to help you collect the sums due to your business you are minimising the risk of damaging losses and in turn maximising your cash flow. Our experience in the construction sector has given us a unique insight into how best to achieve a positive outcome for our clients. Our experience and tailor-made service coupled with your willingness to address any “problem payers” should result in your business being safeguarded against incurring losses out with your control.