ISG Ltd

This article is about the UK construction company. For other uses of ISG, see ISG.

ISG Ltd
Company typeLimited company
Industryfit-out, construction, engineering services
Headquarters
London
,
United Kingdom
Area served
Europe, Middle East, Asia
Key people
Zoe Price, CEO
Revenue£2,190 million (2022)[1]
Number of employees
2,982 (2021)[2]
Websiteisgltd.com

ISG Ltd (formerly Interior Services Group) is a privately-owned, London, UK-based construction company. It employs around 2,800 people, mainly in Europe, the Middle East and Asia, and has operations in 24 countries.

History[edit]

The business that became ISG was founded as Stanhope Interiors in 1989 by David King[3] who led its management buyout from Stanhope Properties in 1995, when it was renamed Interior plc.[4]

In 1997, the business, Interior Services Group, was floated on the Alternative Investment Market of the London Stock Exchange. It officially changed its name to ISG plc in April 2013.[5]

In March 2016, it was taken private by US-based Cathexis (the investment vehicle of Texan billionaire William Harrison),[6] previously a substantial shareholder, in a £85m takeover.[7][8][9]

In May 2021, ISG reported its results for 2020, affected by the COVID-19 pandemic. Revenue was down 23% to £2.0bn (2019: £2.6bn); underlying EBITDA for the year was £37.6m (2019: £63.3m).[6] Fit-out was ISG's biggest source of revenue (£1,042.3m in 2020), followed by construction (£690.8m) and engineering services (£293.3m).[10]

In the year to December 2021, ISG reported revenues of £2.263bn, still not back to its pre-pandemic peak, while pre-tax profits increased to £18.9m, from £8.9m a year earlier;[11] fit-out remained ISG's largest service line.[2] In 2022, ISG revenues slipped to £2.19bn, while pre-tax profit was down 38% to £11.5m.[1]

Appointed in 2022, ISG CEO Matt Blowers left the business in February 2024, being replaced as CEO by Zoe Price.[1] There were also changes affecting the company secretary, vice-chair and chief financial officer roles.[12]

In July 2024, ISG staff and suppliers were informed that the company would be sold by Cathexis in the very near future, with the sale including a significant investment to recapitalise the business and support a return to normal trading.[13] Staff and suppliers had become concerned about the state of the company's finances in late 2023.[14] On 10 July, the sale was said to be "imminent".[15]

Notable projects[edit]

Notes[edit]

  1. ^ The owner of ISG, William Harrison, was also a shareholder in Britishvolt (through Cathexis Holdings)[32] before it went into administration in January 2023.

References[edit]

  1. ^ a b c Rogers, Dave (9 February 2024). "ISG chief executive goes". Building. Retrieved 9 February 2024.
  2. ^ a b "ISG Annual Report 2021" (PDF). ISG. Retrieved 21 February 2023.
  3. ^ "Directors' Deals: King sized sale as ISG founder dumps a third of his stake". Times. 30 October 2005. Retrieved 17 May 2021.
  4. ^ "What goes on inside the head of Interior?". Construction News. 15 July 1999. Retrieved 21 February 2023. The fit-out arm of developer Stanhope has gone from strength to strength under his leadership, expanding after a management buyout in 1995.
  5. ^ "It is now officially ISG". The Construction Index. 5 April 2013. Retrieved 17 May 2021.
  6. ^ a b "ISG weathers challenging year". The Construction Index. 17 May 2021. Retrieved 17 May 2021.
  7. ^ "AIM - Cancellation - ISG Plc". Proactive Investors. Retrieved 17 May 2021.
  8. ^ "Takeover of AIM listed ISG Plc by Cathexis". BDO. Retrieved 17 May 2021.
  9. ^ "ISG sets delisting date". The Construction Index. 26 February 2016. Retrieved 17 May 2021.
  10. ^ "ISG profits tumble 80%". The Construction Index. 12 July 2021. Retrieved 12 July 2021.
  11. ^ Haynes, Luke (10 June 2022). "ISG revenue grows by £300m after pandemic shock". Construction News. Retrieved 21 February 2023.
  12. ^ Rogers, Dave (1 March 2024). "ISG brings in replacement for Paul Cossell as company secretary leaves". Building. Retrieved 1 March 2024.
  13. ^ Morby, Aaron (5 July 2024). "ISG sale set to be rubber-stamped". Construction Enquirer. Retrieved 8 July 2024.
  14. ^ Rogers, Dave (5 July 2024). "ISG set to be sold 'in coming days'". Building. Retrieved 5 July 2024.
  15. ^ Rogers, Dave (10 July 2024). "ISG talks drag on but company confident announcement on sale is 'imminent'". Building. Retrieved 10 July 2024.
  16. ^ "Royal Festival Hall". European Union Prize for Contemporary Architecture. Retrieved 25 July 2023.
  17. ^ "News | Interactive Investor". Iii.co.uk. 9 September 2008. Retrieved 2 February 2013.
  18. ^ "ISG completes Zayed Sports City Stadium". Middle East Construction News. Retrieved 25 July 2023.
  19. ^ ISG installs timber cycling track at Olympic Velodrome The Construction Index
  20. ^ "£3m Grimsby wind farm base contract handed out". Grimsby Telegraph. 27 March 2013. Retrieved 31 January 2014.
  21. ^ Fenwick Elliott, ISG Construction Ltd v Seevic College, published 3 December 2014, accessed 5 August 2022
  22. ^ "ISG to build Royal Mint visitor centre". Construction News. 14 October 2015. Retrieved 25 July 2023.
  23. ^ "ISG takes Wigan Town Hall back to the future". The Construction Index. 11 July 2013. Retrieved 6 August 2020.
  24. ^ "ISG named as main contractor for BBC Wales new headquarters at Central Square scheme in the centre of Cardiff". Wales Online. 18 November 2015. Retrieved 25 September 2017.
  25. ^ Weinfass, Ian (24 September 2020). "Client to reimburse ISG as cost on Waterloo job rises". Construction News. Retrieved 17 May 2021.
  26. ^ "Redevelopment at Lord's enhances world-class experience at the home of cricket". Lord's. Retrieved 18 May 2021.
  27. ^ Gregory, Rhys (3 December 2019). "ISG secures £89 million Cardiff transport interchange project". Wales247. Retrieved 20 November 2020.
  28. ^ "Inside Cardiff's new bus station as it opens after seven-year delay". ITV News. 27 June 2024. Retrieved 29 June 2024.
  29. ^ "ISG wins £281m UCL neurology centre". The Construction Index. 3 April 2019. Retrieved 21 February 2023.
  30. ^ Haill, Oliver (6 September 2021). "Construction begins on UK's first battery gigafactory". Proactive Investor. Retrieved 31 August 2022.
  31. ^ Lowe, Tom (16 August 2022). "ISG pauses work on £2.6bn car battery 'gigafactory' amid funding delays". Building. Retrieved 30 August 2022.
  32. ^ Jolly, Jasper (29 September 2022). "Shock therapy: turmoil engulfs Britishvolt's £3.8bn battery factory". Guardian. Retrieved 29 September 2022.
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