ISG Construction et al. - Administration

ISG Construction et al., the UK arm of international construction giant ISG, entered administration on 20 September after attempts to secure a rescue deal failed.

The company holds government contracts worth more than £1 billion and boasts private sector clients including Apple, Barclays and Google. It said the current situation arose due to legacy issues relating to loss-making contracts entered into between 2018 and 2020.

Timothy Vance, Alan Hudson and Dan Edkins of EY were appointed joint administrators.

Approximately 2,200 employees have been made redundant, while about 200 have been retained to assist in the wind-down of the business.

Goldman Sachs Bank USA has a registered charge against the company.