Tool Theft Tops £2.8 Billion in UK

AN ESTIMATED £2.8 billion worth of tools have been stolen from UK tradespeople, and four in five (78%) have experienced tool theft, a new study has revealed.

The study, reported in the Tradespeople Against Tool Theft white paper, found that tool thefts cost tradespeople an average of £4,470 in equipment.

The white paper was created by online construction community On The Tools and small business insurance provider Simply Business, alongside sponsor Jewson.

The paper reports the most predominantly affected are self-employed tradespeople, who are 38% more likely to be targeted.

The study also revealed that equipment is most likely to be stolen from a tradesperson’s van which is parked outside of their home (39%). And 1 in 10 (9%) have experienced equipment being stolen from inside the home or garage.

Tool Theft

Aside from the cost of replacing stolen tools, tool theft leaves 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, and a third (32%) of tradespeople were not financially compensated.

The study also found over a third (37%) of tradespeople have had their tools stolen twice, and 4% of tradespeople have had their tools stolen five or more times.

In total, the estimated cost of tool theft across the UK totals £2.8 billion.

The Stolen Tools Market

On Tuesday 27 April 2021, a motion for leave to bring in a Bill was presented in the House of Commons. Last year a law was proposed to make anyone selling second-hand tools online show the serial numbers of the tools in searchable advertisement text. However, the proposal has not yet been passed into law, leaving UK tradespeople unprotected against tool theft crime.

Consumer awareness around the crime is high, with 71% of consumers believing that the average tradesperson has had their tools stolen once or more during the past year. Yet, according to the study, over a fifth (23%) of consumers purchased second-hand and/or refurbished tools – and many don’t make checks.

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.”

Read the full white paper here.

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