There’s an interesting resource on the Double Glazing Forum website which lists the number of companies in our industry going bankrupt each month. It’s a bit depressing scanning through the companies on the list.
I’m not for vouching for the accuracy of the numbers of companies being listed as I’m not sure how the people who run the website collate the information. However, I couldn’t help adding up the numbers of companies listed on a monthly basis and creating a quick spreadsheet.
The results are as follows:
I must admit I’m surprised at how bad it seems to have got this year. You expect an increase of bankruptcies in December, January and February but normally trading picks up for the rest of the year.
If the information is correct then the above graph is pretty depressing all around.
(Coincidently, in July, Phoenix Window Services Limited ceased trading).
Tags: bankrupt double glazing companies, double glazing bust, double glazing forum, double glazing insolvencies
This is a tad weird, half of my last post has been about the number of double glazing companies going bust in the last year, and about the same website. Think we posted these at the same time too!
Bit of a bloodbath this year don’t ya think. Pretty depressing. Though I think the northern half of our industry has coped a bit better.
I know you posted about this website. It’s where I got the inspiration
Keep up the good work.
RCG
Ahhhh the recession….it’s not just a made up thing| Seems like things could be getting back on track though, depending how the next month or two go.
Let’s be positive, guys. Look at the trend. If the August figure is down to about 190 then I feel we are over the worst.
Stick in there!
I have been banging on about the ridiculous company rules in this country… surely the scale of the companies going out of business in the window industry must prompt some reforms especially as most of these are domestic which means poor Mr and Mrs Smith and their mate Joe Public get caught yet again.
We deal in the new build industry and at the moment we have over £250,000 held in retentions which will not change as one retention has come to maturity we have done more work on new contracts to top it back up again.
These directors should be banned, personally fined after thorough investigation …
OK lets you and me, Matthew, start a business in windows we will do them so cheap that it is impossible to make money, so when do you want to go bust well I should say about 18 months so that will be February 14th 2010, lets pay ourselves say £100k a year each and a car of course. Great business plan as we can start it all over again on 15th Feb 2010 may need a pay rise though as the Maldives is not cheap!!!……
I am a humble sub contractor but I bet I could go into these companies and after one week tell you if they were trading fraudulently now if I can do it with my GCSE in art then I am sure these company fraud experts can.
So we get rid of these rogues and the public have to pay a bit more to companies like yours Matthew but I am sure if you go to the umpteen thousand of customers with leaky conservatories and no warranties they would bite your hand off to to turn back the clock pay another £500 quid and be Mr and Mrs Happy and there over the moon uncle Joe Soap.
By the way if you had fallen on hard times and not traded fraudulently and went pop due to no fault of your own you have my full sympathy I genuinely mean that but then you will have no worries in being investigated will you… If I have not had a drink when I had driven then why should I worry if I get randomly stopped for a breath test… it just may save a life… so it just may save Fred Ordinary and his wife a heap of money, stress and all their savings!!!!!!
The government is to blame…. legislation must be made to protect the public and to protect the trade as getting paid can be just as bad…… until the law changes there will always be the rogue trader looking for an easy buck.
Happy to inspire!
DGB
Looking at those numbers looks like there may be a bloodbath at the turn of the year.
Personally I don’t think there will be as bigger bloodbath as many think. The beginning of the year was dire for the industry and no one can deny that, just as it was bad for the economy as a whole. But come October when the Q3 report comes, I, along with many others expect us to be officially out of recession. If that does come about then I can see consumer confidence rising, and if so, companies might be able to group together decent amounts of work to see them through the quiet November to February period.
Yes it will still be tough going come the turn of the year and we will still see company liquidations, but I think our industry is now in better shape to cope, limiting the bloodbath effect.
Wow – we thought that Jan 08 was carnage for business failures, but these numbers are scary? Hopefully we are over the worst and the last few months have given the industry some stability? If we do officially come out of recession in October, the business’s that have taken the “pain” and worked through the last 18 months will be in good shape for 2010.
Thanks for the info RCG, very useful!
Interesting graph Mathew, however, is there a graph around demonstrates how many of said Companies going out business commence trading the next, or a few, days later ? I suspect if it did the casualties would be considerably lower !
Hi Morty
I think a graph showing companies setting up in business will probably pretty much follow the graph above.
RCG
Hi all,
Morty, you cynic!
Just to clarify, this information is from the London Gazette; I didn’t correlate it myself; though this is something I am looking to do in future months (certainly for each Q).
The idea for plotting the number of companies going bust against ‘new’ companies could be a blast; will have to give that a try next…