August dealt another huge blow for the construction industry, with sector leaders Buckingham Group suffering major cashflow issues. The business appeared to be on the brink of collapse, as they completely ceased trading earlier this month. This follows Allma Construction and Henry Construction, both large organisations and cornerstones of the sector that were previously seen as infallible, into administration as the sector continues to rock.
Buckingham Group is the latest to cease trading in the present climate and is unlikely to be the last. In a statement released on the company’s website, the Group blamed "rapidly escalating contract losses and a sharp reduction in liquidity”. They also said that "the business has been outweighed by deep losses and interim cash deficits” causing a sharp downturn in profitability. The Group’s current statement does claim they are yet to file officially for administration, holding out a lifeline for employees and their ongoing projects.