Irish builders hit by UK rout

Building supply firms are being severely hit through non-payment for services by a fresh wave of insolvencies hitting the UK construction sector.

According to British trade credit insurer Atradius, the first half of 2015 saw a 25% year-on-year rise in trading losses among Irish firms linked with the UK building sector, as insolvencies there increase.

Atradius protects firms from the risks of trading domestically and overseas. The company has paid out nearly €500,000 in claims in the last month.