Construction | Sectors | Bibby Financial Services

Construction Sector Large

Construction People 5

Subcontractors survey reveals state of the industry

Challenging year ahead needs everyone to work together

Our Subcontracting Growth Report gives a unique insight into the UK industry. At a time when Brexit and its impact on the economy is dominating headlines, our report reveals that subcontractors are not immune from the uncertainty and disruption being caused. Brexit is seen as the biggest threat to subcontractors in 2019, with larger firms the most concerned. And 89% of surveyed subcontractors are calling on the Government to act to restore confidence.

Download the Subcontractor Growth Report 2019

Construction 6

The UK Construction Sector

A unique sector with unique people and unique needs

The UK construction sector contributes almost 10% of UK GDP, employs over 1m people and is home to over 300,000 businesses of which 99% are made up of SMEs. (ONS, Construction statistics: Number 19, 2018 edition)

The sector’s output become our environment and infrastructure - buildings, energy and transport links - that can take years to complete. Projects of this scale mean contractors and subcontractors are paid at regular intervals for the work they have completed and this means cash flow and access to finance are critical to the success of a project, no matter how large or small.

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Supporting UK construction since for over 15 years

Understanding the needs of the sector

In 2004 BFS, already with a number of contractors as customers, realised there were two major concerns affecting contractors and subcontractors alike given the unique nature of the construction sector – cash flow and the need to access finance. So we developed a product that would overcome those concerns, Construction Finance.

Going from strength-to-strength, through the 2008 financial crash, our construction finance team helped many contractors and subcontractors survive, then plan for growth. This lifeline was critical as back in 2017, a report for the Dept. for Business Innovation & Skills confirmed traditional bank lending (loans) for contractors crashed to just 19% from 32% in 2009. Most vulnerable were subcontractors, those more likely very small SMEs.

Why choose Bibby Financial Services?

When you work with us, you are working with the best

Since 2004, Bibby FS has gained an enviable reputation for delivering on our promises. In a sector beset with risk, our experience working with contractors, subcontractors and manufacturers gives us a rare insight and comfort in the knowledge we are helping businesses to plan for growth, have confidence to win new contracts and protect themselves from the sometimes unforeseen collapse of main contractors using our Bad Debt Protection.

Following its launch over 10 years ago, our Construction Finance is one of the leading established financial products in the sector, you benefit from our unparalleled understanding of the market
We have a reputation for being specialists in construction funding and our detailed knowledge of the sector means you'll receive fast and informed funding
Since 2004, Construction Finance has helped thousands of builders and subcontractors working on both residential and commercial projects get control of their cash flow, build working capital and win new contracts

We have built a relationship with industry specialists, The Vinden Partnership, to provide you with contract reviews and advisory support including arbitration and dispute resolution services
We are the only funding partner that will allow you to upload your Applications For Payment online using our secure portal
We have helped over 80 trades including roofers, plumbers, electricians, flooring and groundworks contractors