The nation sixth mega building contractor, ISG has filed for administration causing uncertainty over multiples projects countrywide.
isg construction
The schemes on ISG’s books are the 32.7 million euro restoration and redevelopment of Birmingham Moseley Road Baths overlook by Donald Insall Associates; the 70 million euro Regent Quarter offices to labs project at King Cross by Piercy & Company and the 44 million euro conversion of Coventry former IKEA store into an arts and culture centre by Buttress.
In an email forwarded to its 2,400 staff last night confirming the administration, ISG chief executive Zoe Price confirmed offices would be shut down sites would not open.
isg administration
One of ISG projects is the 281.6 euro million Queen Square Institute of Neurology and UK Dementia Research Institute for the University College London designed by Hawkins Brown.
The development in Grays Inn Road was set to complete in early 2025.
The six companies that have applied for administration are ISG Construction ltd, ISG Engineering Services Ltd, ISG UK Retail Ltd,ISG Jackson Ltd ISG Retail Limited and ISG Central Services Ltd.
According to industry tracker Glenigan, ISG consist of 34 contract award as 45 schemes on site two set to complete worth a combo total of 4.15 billion euro.
According to filed accounts for ISG Construction covering the year ending 31 December 2022 the company had income of 545 million euro and made a profit for 3.2 million euro.
ISG Retail had posted a turnover of 551 euro million and profit of 28.2 euro million over same time period.
In November past year, ISG was forced to deny what it called wholly inaccurate rumors abouts its financial health following delays to two of its high profile jobs Britishvolts 3billion euro and the 700 million euro Sunset Waltham Cross fill studio complex.
A spokesperson for Coventry City Council which is funding the Buttress designed City Centre Cultural Gateway add ‘We understand ISG Construction has applied to enter administration and we have contacted partners involved in our project as we consited our next steps”
A spokesperson for Birmingham City Council, Moseley Road swimming pool told media “We are aware that ISG Ltd, our main contractor for the Moseley Road Baths Diving In project has notified us of their intention to appoint a receiver where requested we will work closely with the receiver over the coming days”
construction news
Hull based offsite ESS Modular is now in administration with the loss of almost 100 jobs.
construction enquirer
The administrators told the companies have ceased to trade with immediate effect with majority of 100 staff made redundant.
Tim Vance, Charles King and Andrew Dolliver of Ey Parthenon Turnaround & Restructuring Strategy have been appointed as Joint Administrators to trading company Extraspace Solutions UK Limited and subsidiary Spatial Initiative Limited.
EY stressed that Extraspace Solutions UK Limited and Spatial Initiative Limited are owned by Cathexis UK Holding Ltd which is owner of ISG the companies are in separate corporate structure and the admin of ISG has not been catalyst for their insolvency.
Despite exploring choice to safeguard the future of secure additional funding it has not been possible to raise the funding required to continue trading.
The Directors applied to place Companies into administration.
EY added the companies experience mega losses on legacy contracts that in turn place them under harsh liquidity pressures.
kentonline
400 people in Kent have lost their jobs after two big employers went into administration on same day.
isg administration rumours
It has been confirmed that 240 employees at the Whitstable branch of ISG have lost their jobs.
The UK operations of the international construction fall into administration on Friday with 2,200 workers in total made redundant with immediate effect.
isg bankrupt
Folkestone Fixings Limited FFX a tools and hardware retailer based in Folkestone Ashford and Lympne is now closed with 147 workers made redundant.