Day of febrile speculation sees six subsidiaries apply for administration late this afternoon
Six ISG companies have applied to go into administration, court documents have revealed.
The notices were filed at around 4 30pm this afternoon and are for the following companies: ISG Construction, ISG Jackson, ISG Retail, ISG Engineering Services, ISG UK Retail and ISG Central Services. The firm鈥檚 fit out division is not listed in the documents.
The news caps a day of febrile speculation about the business with Ernst & Young, which declined to comment, rumoured to have been lined up to handle any administration.
Throughout the day, 黑洞社区 has been contacted by worried clients and contractors, as well as subcontractors and consultants, about rumours the firm was set to go into administration.
It is understood next week鈥檚 pay run was moved to this week with staff paid ahead of any pending failure.
ISG had been expected to be bought by an unnamed buyer, believed to be a South African businessman who made his fortune in healthcare products.
But a deal which was promised 鈥渨ithin days鈥� nearly 11 weeks ago by ISG chairman Matt Roche has still not materialised.
One subcontractor said this afternoon: 鈥淚SG sites are being stripped of works as we speak. We鈥檙e on our way to their sites now.鈥�
ISG is owned by a US private equity firm called Cathexis which is run by a Texan billionaire called William Harrison. The firm paid 拢85m for the company, then a listed business, in 2016.
ISG has been contacted for comment.
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