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Nearly two thirds of East Midlands and over a third of West Midlands construction firms are concerned they won’t be able to trade into 2025, according to a new report from business advisory firm FRP.
Of the senior decision makers surveyed across the Midlands construction sector, 64% of East Midlands firms and 38% of West Midlands firms aren’t confident that they will be able to trade through the next 12 months. The East Midlands are the most pessimistic part of the UK surveyed when it came to construction businesses’ prospects.
FRP’s data found that the regions’ businesses were finding it increasingly difficult to access funding, with a split field across the Midlands. While nearly two thirds (64%) of East Midlands businesses say they found it more difficult to secure necessary backing last year than the year before, only 38% of businesses in the West Midlands say the same.
Tax burdens were also a concern for businesses in both the East and West Midlands, with nearly half (48%) and half (50%) of firms, respectively, admitting they will struggle to pay their tax liabilities or any outstanding tax in full this year.
Meanwhile, 76% of East Midlands and 62% of West Midlands firms
link source - East Midlands Business Link - Property https://www.eastmidlandsbusinesslink.co.uk/mag/wp-content/uploads/2023/12/AdobeStock_88564350.jpeg