ISG UK subsidiaries file for administration
20 September 2024
Six subsidiaries of contractor ISG Ltd have filed notices with the UK courts to enter administration.
ISG Construction Limited, ISG Engineering Services Limited, ISG Retail Limited, ISG UK Retail Limited, ISG Jackson Limited and ISG Central Services Limited all submitted notices to enter administration on Thursday 19 September.
Image: ISG
ISG Fitout Ltd, which is also a UK-based subsidiary of the privately owned firm filed a similar notice a day later on Friday 20th.
ISG Ltd’s most recently filed reports show that the company employs nearly 3,000 employees and has offices in the UK, central Europe, Iberia, the Middle East and Singapore.
According to local media reports, ISG chief executive Zoe Price sent an email to employees on Thursday confirming that the company was going into administration and confirming that the company’s offices would be shut.
ISG, which was originally known as Interior Services Group, is the sixth biggest contractor in the UK (based on turnover).
The company, which was originally part of UK construction giant Stanhope, de-listed from the London Stock Exchange in 2016 when it was acquired by US-based Cathexis Holding.
In July, the company’s chief operating officer Matt Roche told staff that the company was very near to being sold but did not disclose the identity of any potential buyer.
In December 2020 ISG was awarded a £300 million (US$400 million) contract to build the UK’s first gigafactory in Blyth, Northumberland. However, the project fell into administration in 2023.
