Fewer contractors failed in 2003

Fewer contractors collapsed in last year compared with 2002, according to data compiled by Experian. A total of 1,386 failed last year compared with 1,469 in 2002.

This represents a 5% reduction.

Financial stability also improved for building materials suppliers, with just nine failing last year compared  with 13 in 2002.

Phil Cotter, managing director of Experian's Business Information division, said: "The fall in corporate failures is very welcome, but, as the figures highlight, a large number of companies are still failing each year and organisations should ensure that they have good credit management practices in place to protect themselves against the risk of non-payment."