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Fit out arm adds £111m to ISG supply chain debt

Ian Weinfass — Mon, 28 Oct 2024 12:42:43 +0000

Administrators have estimated ISG's fit out business owes £111.4m to the supply chain, bringing the total across the firm to more than £301m. Companies House today (28 October) published a statement of affairs relating to ISG Fit Out Ltd – the final of the six…

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ISG: replacement contractor named on leisure centre

Ian Weinfass — Wed, 23 Oct 2024 07:38:18 +0000

A replacement has been named on a part-completed leisure centre where ISG had been main contractor. North East Derbyshire Council announced this week that its development partner Alliance Leisure had appointed Nottingham-headquartered Universal Civils & Build to finish the Clay Cross Active scheme in Chesterfield.…

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ISG: Former employees owed more than £70m

Ian Weinfass — Mon, 21 Oct 2024 12:07:42 +0000

'Former employees' of ISG are owed at least £72.3m by the collapsed contractor, administrators for the collapsed firm have calculated. Statements of affairs for seven of the eight ISG subsidiaries that entered administration in September were published on Companies House this weekend. They also show…

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ISG administrators announce £190m supply chain hit

Colin Marrs — Mon, 21 Oct 2024 07:46:31 +0000

Administrators have identified more than £190m in losses for ISG’s supply chain in their statutory analysis of all but one of the doomed contractor's eight subsidiaries that went under last month. Statements of affairs for seven of the eight ISG firms that entered administration last…

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No payout for some ISG creditors, administrators say

Charlotte Banks — Tue, 08 Oct 2024 10:05:24 +0000

Creditors of five ISG subsidiaries are unlikely to receive any money owed by the collapsed firm, administrators have warned. In a letter sent on 30 September to creditors of five of the eight subsidiaries, Timothy Vance and Alan Michael Hudson from EY-Parthenon said they did…

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ISG collapse may tighten access to finance, experts warn

Charlotte Banks — Mon, 30 Sep 2024 11:45:27 +0000

Contractors may find it harder to access finance as providers reassess risk in the wake of ISG’s collapse, sector experts have warned. The £2.2bn-turnover firm – ranked 6th in the latest CN100 rankings – called in administrators from Ernst & Young last week. ISG’s UK…

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‘Lessons must be learned’: Calls for reform after ISG collapse

Charlotte Banks — Fri, 27 Sep 2024 11:45:25 +0000

Leading industry figures have renewed calls for industry reform after the “body blow” of ISG’s collapse. The £2.2bn-turnover firm – ranked 6th in the latest CN100 rankings – called in administrators from Ernst & Young on 19 September. Its UK operations ceased trading with “immediate…

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‘Extremely disappointed’: ISG clients scramble to complete projects

Charlotte Banks — Thu, 26 Sep 2024 12:01:16 +0000

Clients are scrambling to reappoint contractors after ISG’s UK subsidiaries filed for administration. Some have moved to secure the safety of sites while others have sought to reassure the public they are taking steps to manage the impact, including finding firms to finish jobs. Queen…

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Government offers redundancy pay advice for ISG staff

Charlotte Banks — Tue, 24 Sep 2024 16:13:42 +0000

The government has said it will do “all it can” to support those affected by ISG’s collapse as it offers redundancy pay for former ISG staff. In a statement today (24 September) on its website, the Insolvency Service said those who worked under an employment…

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Fit-out firm Structure Tone lands ex-ISG boss Blowers

Chris Smith — Tue, 24 Sep 2024 10:18:07 +0000

A former chief executive of stricken firm ISG has joined fit-out specialist Structure Tone with immediate effect. The London-based company announced yesterday evening (23 September) that Matt Blowers had joined as joint managing director. Blowers was the chief executive of ISG from 2022 until February…

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