ISG Collapses, Leading to Over 2,000 Job Losses and Project Halts
ISG, one of the UK's largest contractors, has collapsed, leading to over 2,000 job losses and halts to numerous government projects. The major construction firm failed due to severe financial strain and liquidity issues, marking the biggest collapse since Carillion in 2018. Despite potential deals and refinancing efforts, the company could not secure the necessary funding to remain solvent.
More than 2,000 jobs have been terminated and numerous government construction projects risk suspension after ISG, a top UK contractor, declared administration.
The firm's closure, verified by administrators EY, marks the most significant UK construction company failure since Carillion in 2018.
With a workforce of 2,400, only 200 employees remain to assist the administration process.
ISG, involved in 69 active government projects including prison expansions, experienced severe liquidity issues and failed to secure additional funding or a sale.
Notable clients affected include Apple, Google, and Barclays.
Despite discussions with investment firm Antipodean Holdings for a takeover, no deal materialized.
The firm's closure, verified by administrators EY, marks the most significant UK construction company failure since Carillion in 2018.
With a workforce of 2,400, only 200 employees remain to assist the administration process.
ISG, involved in 69 active government projects including prison expansions, experienced severe liquidity issues and failed to secure additional funding or a sale.
Notable clients affected include Apple, Google, and Barclays.
Despite discussions with investment firm Antipodean Holdings for a takeover, no deal materialized.
