Insolvency stats a concern, but feel good factor remains
A new insolvency report from Insight Data has revealed a significant uptake of fenestration industry companies facing insolvency in 2024.
According to Insight Data, 66 installers and fabricators faced insolvency – a sharp increase on recent months – and an indicator of intensified competition, pricing pressures and broader economic uncertainties.
We will be introducing a regular monthly column from Insight Data in the February issue of Glass Times, that will reveal snapshots of in-depth market knowledge from the industry’s leading provider of marketing data solutions.
And while the first report paints a grim picture, there are still plenty of ‘good news’ stories in this week’s newsletter, portraying an industry that remains resilient, forward thinking and upbeat, despite the challenges.
That includes Sternfenster, which is celebrating its 50th anniversary in 2024. We can expect a lot of positive updates from the Lincolnshire fabricator over the course of the next 12 months, including the launch of new products and initiatives – as well as fun events for its employees.
And while it might have only been around for half the amount of time as Sternfenster, Framexpress is also in good spirits, having just reported its most successful year on record.
The Telford manufacturer, which has invested in machinery, capacity and new products over the last 12 months has enjoyed a 16% uplift in revenue, year on year.
Solar Fabrications Holdings is also looking ahead to 2024. The group is investing £500,000 into its Huthwaite operations in order to replicate the success of its Solar Norvik business, based further north in Barnsley.
And further north still, in Invergordon, ERG Scotland has also posted record annual sales of £5.8m in 2023. Conservatory Outlet Network, ERG has grown by 30% year on year and reported a turnover in excess of £5.5m for the first time in its 50-year history.
So – while it’s true to say that the outlook for the year ahead remains mixed at best, there are still plenty of reasons to be optimistic…