ISG Ltd explained

ISG Ltd
Type:Limited company
Industry:fit-out, construction, engineering services
Location City:London
Area Served:Europe, Middle East, Asia
Key People:Zoe Price, CEO
Revenue:£2,190 million (2022)
Num Employees:2,982 (2021)
Location Country:United Kingdom
Homepage:isgltd.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

The business that became ISG was founded as Stanhope Interiors in 1989 by David King[1] who led its management buyout from Stanhope Properties in 1995, when it was renamed Interior plc.[2]

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.[3]

In March 2016, it was taken private by US-based Cathexis (the investment vehicle of Texan billionaire William Harrison), previously a substantial shareholder, in a £85m takeover.[4] [5] [6]

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).[7] Fit-out was ISG's biggest source of revenue (£1,042.3m in 2020), followed by construction (£690.8m) and engineering services (£293.3m).[8]

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;[9] fit-out remained ISG's largest service line.[10] In 2022, ISG revenues slipped to £2.19bn, while pre-tax profit was down 38% to £11.5m.[11]

Appointed in 2022, ISG CEO Matt Blowers left the business in February 2024, being replaced as CEO by Zoe Price.[11] 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] The prospective buyer was reported to be a UK-registered holding company called Antipodean Holdings with two equal shareholders: South African Andre Redinger and Australian James Overton.[15]

Notable projects

Notes and References

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

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