Six ISG companies have filed notice of intent to appoint administrators: 聽ISG Construction Limited, ISG Engineering Services Limited, ISG Retail Limited, ISG UK Retail Limited, ISG Jackson Limited and ISG Central Services Limited.
All six are subsidiaries of ISG Limited.
The move comes after months of speculation about the company and the collapse of an expected sale of the business.
Reports as to why the sale failed vary: some say the prospective new buyer was put off by the scale of ISG鈥檚 debts; others say that the buyer was unable to put up the money.
Rumours have been circulating for months, reaching a crescendo this week with subcontractors聽 downing tools and walking off site as they have not been paid for several months.
ISG Limited has not filed accounts for 2023 yet. Its 2022 accounts showed an 拢11.5m pre-tax profit on 拢2.2bn revenue, with more than 3,000 employees. It has, however, been suffering with significant liquidity issues more recently.
ISG will be construction鈥檚 biggest collapse since Carillion.
ISG, originally Interior Services Group, has been owned by Cathexis since 2016 when it de-listed from the London Stock Exchange. Cathexis is the investment vehicle of 38-year-old Texan oil tycoon William Harrison.
ISG has been asked to comment.
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