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Construction industry applause for Welsh Government’s announcement on Project Bank Accounts

The announcement by Cabinet Secretary for Finance, Mark Drakeford AM, that as from 1 January 2018, project bank accounts (PBAs) will be used on building projects over £2 million (procured by Welsh Government bodies) has received praise from the Specialist Engineering Contractors’ (SEC) Group Wales/Cymru. SEC Group Wales represents the largest sector (by value) in [...]

2017-12-07T11:49:58+00:00 7 December 2017|Articles, Newsletters, Press Statements, Wales Press Releases|

Construction industry financial crisis: Private Member’s Bill to ring-fence cash retention

The UK construction industry’s financial crisis- with some large contractors in severe financial distress – has prompted a Conservative MP to act. Peter Aldous, MP for Waveney, has laid a Private Member’s Bill to protect the billions of pounds of cash retentions withheld from construction SMEs.  The Bill’s first Reading will be on 9 January [...]

2017-12-05T12:27:30+00:00 5 December 2017|Articles, Press Statements|

SEC Group gives cautious welcome to Industrial Strategy White Paper

The Specialist Engineering Contractors’ (SEC) Group has given a cautious welcome to the Government’s Industrial Strategy White Paper. Insofar as construction is concerned the White Paper highlights the need for whole life value (rather than initial capital costs) to be at the core of construction procurement.  The White Paper adds: “The sector will aim to [...]

2017-11-30T12:27:33+00:00 30 November 2017|Articles, Press Statements|

Almost £700 million of construction cash retentions lost over 3 years

Research carried out by consultants Pye Tait for the Department of Business, Energy & Industrial Strategy (BEIS) has revealed almost £700 million worth of cash retention has been lost in construction by reason of insolvencies.  This figure relates to 3 years and reflects 2016 prices (when Pye Tait carried out its survey). The Specialist Engineering [...]

2017-11-10T17:34:42+00:00 10 November 2017|Articles, Press Statements|

Industry urged to advise Government to statutory ring-fence cash retentions

SEC Group welcomed yesterday (24th October 2017) the publication of the independent review on cash retentions in the Construction Industry. The review was commissioned by Government following an amendment to the Enterprise Bill laid by Lord Aberdare in 2015 and drafted with help by SEC Group. An estimated £7.8 billion of retentions has been unpaid [...]

2017-10-25T11:38:18+00:00 25 October 2017|Articles, Press Statements|

Scottish Public Sector: more needs to be done to improve supply chain payments

4th August 2017 On 18 April 2016 contracting authorities in Scotland with large annual procurement budgets became statutorily bound to declare (in their procurement strategies) how they intended to ensure 30 day payments along their supply chains. In the first of its kind the Specialist Engineering Contractors’ (SEC) Group Scotland has surveyed contracting authorities (other [...]

MPs question Government over cash retentions

SNP MP Stuart C. McDonald has urged the Government to reveal how they are going to deal with cash retentions, an issue affecting the livelihood of small firms in the construction industry. The Member for Cumbernauld, Kilsyth and Kirkintilloch East yesterday (27/06/2017) questioned the Department of Business Energy and Industrial Strategy: “What the Government’s policy [...]

2017-07-07T15:43:58+00:00 29 June 2017|Articles, Press Statements|

Manifesto for the Built Environment supply chain

A future Government and Parliament should commit to three-points for a world-leading UK specialist engineering supply chain in the built environment: Bring legislation to protect all retention monies in a ring-fenced account, as first step towards zero retentions by 2025, and prioritise review of the ‘Construction Act’. From 2021 all publicly-funded built environment work over [...]

2017-05-05T17:13:04+00:00 2 May 2017|Articles, Press Statements|

Our response to the industrial strategy 2017 consultation

The Specialist Engineering Contractors' (SEC) Group submitted their response to the Government's Green Paper on the industrial strategy in April 2017. Our response concentrates on actions that can create and maintain a healthy supply chain, ensuring the growth of firms in the specialist engineering sector and facilitating a fertile environment for innovation, support for skills [...]

2017-04-21T14:56:49+00:00 21 April 2017|Articles, Press Statements|

Over £1bn cash retentions held from UK top construction companies: SMEs mainly at risk

An analysis of the accounts of the UK’s top 12 construction companies has revealed that the 9 which published separate figures for retentions are owed more than £800m, indicating that the 12 together are owed over £1 billion of cash retentions.  The analysis was carried out for leading construction representative body, the Specialist Engineering Contractors’ [...]

2017-02-16T17:47:47+00:00 16 February 2017|Articles, Press Statements|