ISG heads for collapse, putting thousands of jobs at risk

ISG plc is anticipated to join its subsidiary companies in going into administration today.

Yesterday, six of the contractor's subsidiaries, including ISG Construction, filed for administration.

ISG is now the sixth-biggest construction company in the UK, employing approximately 2,400 people. The company has several contracts with the UK Government to construct prisons and police stations, and it also works with well-known private sector companies such as Apple, Barclays, and Google.

Last year, ISG was chosen to manage the significant renovation of a brand-new distillery and visitor center for Eden Mill, a producer of whisky and gin, at a cost of several million pounds.

It's been reported that EY is ready to manage bankruptcy processes for eight ISG companies, which include ISG Central Services and ISG Interior Services.

According to the most recent financial statements submitted to Companies House, ISG has recorded a revenue of £2.2 billion and pre-tax earnings of £11.5 million.

Its failure would mark the largest loss in the industry since Carillion went bankrupt in 2018.