← ISG in the failures register
Lessons learned report
ISG: how a £2bn contractor ran out of road, and 8 checks to protect your business
On 20 September 2024, ISG stopped trading. It had turned over more than £2 billion a year, built prisons for the Ministry of Justice and fitted out offices across London. That morning 2,164 people were made redundant. The administrators expect nothing for the firms it owed £885 million.
The numbers
- Turnover in its last group accounts
- £2.2bn
- Staff in the companies that went into administration
- 2,380
- Owed to unsecured creditors
- £885m
- Expected back for unsecured creditors
- Nothing
Group turnover in 2022
Staff in the companies in administration; 2,164 made redundant on day one
Owed to unsecured creditors, including about £308m to trade creditors
More figures are in the full report.
What's inside
- •How ISG went from a £2bn turnover to administration in under a year
- •The sign that showed up in its government payment reports two years before the end
- •What a £70,000 unpaid invoice did to its credit insurance
- •Why a sale for £1 still couldn't save it
- •8 checks to make before you work for a main contractor
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Sources
- Joint Administrators' statement of proposals for ISG Construction Limited and other ISG companies, Ernst & Young LLP, filed at Companies House 28 November 2024
- ISG Limited annual report and consolidated accounts for the year to 31 December 2022, filed at Companies House 11 May 2023
- Payment practices reports, Check Payment Practices (GOV.UK): ISG Fit Out Limited, July to December 2021, January to June 2022 and July to December 2022; ISG Retail Limited, July to December 2021 and July to December 2022
This report is for education and is based on the public sources listed. It is not legal or financial advice about any company or contract.