In the UK, 630,800 tradespeople have had their tools stolen, which according to a statement is enough to fill Wembley Stadium eight times over.
A study by Simply Business and On The Tools revealed that 78% have fallen victim to tool theft.
The study of over 4,000 tradespeople found that tool theft costs an average of £4,470 in equipment per person, with one in six losing over £5,000 worth of tools.
The study also found that 64% of those who reported tool theft to the police were “very unsatisfied” with the handling of their cases, with only 6% describing the experience as satisfactory. As a result, almost a quarter of tradespeople said they did not bother reporting the crime.
The Tradespeople Against Tool Theft white paper, also from On The Tools and Simply Business, was created to highlight the harsh realities of UK tradespeople who have experienced tool theft.
Alan Thomas, UK CEO at Simply Business, said: “We’ve seen the profound impact of tool theft first-hand, costing tradespeople £4,470 on average. Those on the receiving end are often forced to take time off work, and the financial hit and longer term repercussions on future business.
“Tradespeople, like so many other business owners across the country, continue to battle rising costs, surging energy prices, and material shortages, all while continuing their recovery from the impact of the pandemic.
“That’s why we’ve re-launched our campaign to Stamp Out Tool Theft. We hope that by shining a light on the scale and depth of the problem, revealing the true stories of those affected, and offering practical support for the community, we can contribute positively to change.”
Lee Wilcox, CEO of On The Tools, added: “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.”