Tool thefts continue to plague UK businesses, with new research from Volkswagen Commercial Vehicles revealing a staggering £1.64 billion annual cost.
A fifth of van drivers suffered tool theft last year, losing an average of over £1,700 in equipment.
Worryingly, 41% of drivers admit to leaving tools in their vans overnight, despite the risk.
And more than a third (37%) confess that the value of tools being left exceeds £2,000.
UK firms are facing a £1.64 billion lost equipment bill.
Businesses face tool theft replacement costs
VW says this reckless behaviour has far-reaching consequences as businesses face hefty replacement costs, but lost working time due to theft impacting productivity and revenue.
With each day of downtime costing an estimated £550 per van, the financial strain on struggling businesses is huge.
Volkswagen Commercial Vehicles highlights the growing problem, urging drivers to be vigilant.
That’s because the impact of tool thefts saw 57% of respondents unable to work while their vans are re-stocked and locks repaired.
Other issues include the potential for higher insurance premiums for van owners who have had tools stolen.
‘More than just the price of the tools stolen’
John Ricardo-Neto, the head of product planning at Volkswagen Commercial Vehicles, said: “The cost of theft is more than just the price of the tools stolen, it’s the downtime while van drivers replace the stolen equipment, the higher insurance premiums and lost revenues, so it’s imperative that UK tradespeople be vigilant to tool theft.
“We urge those who own expensive equipment to take extra precautions – securing or removing tools overnight and parking in a well-lit, CCTV-monitored area.”
To help businesses, VW is offering a range of security tips to help protect vans and tools.