Over 300 business failures meant insolvencies are up on same period in 2010

Over 300 construction firms became insolvent last month according to new data from Experian. The figure marks a 12.5% increase in insolvencies compared to July 2010.

Among the 310 business failures were five building materials companies.

On average 0.18% of construction firms failed in July compred to a national average of 0.1%.

Recent construction firms to go under include social housing contractor Kinetics, which went into administration last month. Around 550 staff lost their jobs after the £100m turnover company collapsed.

M&E services company Adroit Construction announced yesterday it too had fallen into administration.