Construction firms top list of company credit check searches
WHEN it comes to creditworthiness, Irish businesses are still most concerned about construction companies.
Credit check company Creditsafe has revealed that builders were by far the most searched for companies on its system in the first six months of the year. Seven out of 10 searches focused on construction companies.
The continued doubt about the industry comes despite the fact that recent statistics showed the sector's decline is slowing. New data from Ulster Bank shows it is still contracting, but at the slowest pace in two years. Activity is increasing in the house-building and commercial segments, though civil engineering remains in sharp decline.
Dissolved builder Goff Developments came in at number one as the most searched-for company. Goff was shut down with outstanding debts of more than €10m. Its directors have also been embroiled in a pensions row in recent years, accused of failing to pay money taken from employee wages into a pension fund as agree.
"It's always interesting to see what businesses are searching for when it comes to company information.
"The construction industry has certainly taken a hit over the last few years, so it's unsurprising that it's leading the rankings when it comes to companies," said Creditsafe Ireland managing director Billy Spence. "Forty per cent of insolvencies are predicted 12 months prior to them happening. Knowing who you're dealing with has never been more important."
Some 60pc of the construction companies searched for were actually creditworthy. Walls Construction, the Home Centre Project and Manley Construction, who came third, fifth and sixth respectively among the top names searched, were all ranked as creditworthy.
The top 10 most searched for firms also included liquidated financial services consultants Europcar Bond Funding and food retailer DS Supermarkets, who came eighth and ninth respectively.