A new report has found an estimated £2.8 billion worth of tools have been stolen from UK tradespeople, with four in five tradespeople experiencing tool theft.
The new white paper study, backed by On The Tools, has found that tool theft costs tradespeople an average of £4,470 in equipment.
One in five tradespeople lose over £5,000 worth of tools to theft.
Collectively across the UK, the estimated cost of tool theft totals £2.8 billion, most predominantly affecting the self-employed.
The study revealed that self-employed tradespeople are 38% more likely to be targeted than employed tradespeople, with equipment most likely to be stolen from their van parked outside of their home, in 39% of cases.
One in 10 have even experienced equipment being stolen from inside the home or garage.
Aside from the cost of replacing stolen tools, tool theft left tradespeople facing additional costs in loss of earnings while equipment is being replaced. One in ten tradespeople, 11%, had to take time off work or decline new work while they sourced new equipment. Over a tenth, 13%, of respondents also had to pay to repair their vehicle, adding to the multiple other costs associated with the crime.
Worryingly, a third, 32%, of tradespeople were not financially compensated at all for tool theft.
Lee Wilcox, CEO of On The Tools, said: “Tool theft is crippling our industry. It’s an issue that impacts an immense proportion of UK tradespeople and can no longer be ignored.
“The Tradespeople Against Tool Theft white paper was created to reveal the widespread consequences of this crime, from the financial impacts to the emotional consequences and more.
“I am hopeful that by distributing this white paper to all corners of the construction industry and beyond, we can encourage the issue to be taken as seriously as it should be, improving the situation for UK tradespeople once and for all. I would also like to thank the industry sponsors and supporters of this research for your invaluable contributions.”
The Tradespeople Against Tool Theft white paper has been published by On The Tools and insurance provider Simply Business, alongside sponsor Jewson.