Limited access to working capital is threatening the health of the U.K. construction sector, and hesitation to modernize business practices only compounds the issue.
Building Tomorrow, a video produced in partnership with Textura® Europe and The Chartered Institute of Building (CIOB), brings industry leaders together to discuss the pressures facing Britain’s construction industry and the role that digitizing payment processes will have on the industry’s future.
“The funding model is broken,” says Graham Robinson of law firm Pinsent Masons. The traditional construction payment process, which places a heavy financial burden on subcontractors to effectively finance construction projects, has led to serious financial strain and increased focus on cash flow management for U.K. construction firms. Robinson, along with Rob Driscoll of the Building & Engineering Services Association (B&ES) and Steve Fox of construction and civil engineering company BAM Nuttall, says that modernizing the sector through technology will be essential to pushing construction firms forward. “We are going to embrace technology or be left in the Dark Ages,” says Fox.
The pressure of payment practices is also a concern for U.S. construction companies. Builders on both sides of the Atlantic face thin margins and slow payments. Learn more about how Textura’s Early Payment Program ™ helps both general contractors and subcontractors address working capital needs.
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