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Administration · 20 September 2024

ISG FIT OUT

Main contractor · London · Greater London · Part of ISG

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What happened

ISG FIT OUT LIMITED (company number 06954059), incorporated in 2009, entered administration on 20 September 2024. Its status at Companies House is now: administration.

Why it failed

Loss-making high-rise contracts, Covid, inflation, stalled major projects and tighter bonding strained liquidity, and attempts to sell Fit Out or recapitalise the group failed before the September 2024 administrations.

  • Main reason: Losses on contracts
  • Covid-19
  • Cost inflation
  • Clients not paying or failing
  • Delays
  • Funding withdrawn
  • HMRC debts
  • Sale or investment failed
  • Cash flow
  • Group company failed

Our summary of the reasons given in the administrators' proposals. These record the administrators' and directors' account of what happened.

An administrator, a licensed insolvency practitioner, takes control of the company to try to rescue it, sell the business or get a better result for creditors than a liquidation.

Previously known as: ISG INTERIOR LIMITED.

Timeline

The last accounts and payment report before the failure, then what happened, with the time between each.

  1. 31 December 2022

    Last accounts filed were made up to this date

    18 months later

  2. 30 June 2024

    Last payment practices report ends: average 33 days to pay, 48% of invoices not paid to agreed terms

    3 months later

  3. 20 September 2024

    Administration started

AccountsPayment reportInsolvency

Before it failed

Key figures

Staff, year to Dec 2022
500
Accounts at Companies House
Net assets, year to Dec 2022
£37.1m
Accounts at Companies House
Average days to pay suppliers, 1 January 2024 to 30 June 2024
33 days
9% paid after 60 days, 48% not paid to agreed terms
Its last payment practices report
Owed to suppliers and subcontractors (estimated), as at 20 September 2024
£111.4m
HMRC owed £18.3m. staff owed £22k. Expected return to unsecured creditors: none expected
Administrators' proposals (trade creditors)

The last accounts filed were full accounts made up to 31 December 2022, 21 months before it went into administration.

The full filing history, including any late filings, charges and director changes, is on Companies House.

Lessons learned report

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In the news

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