Chief executive of 拢2bn turnover contractor reassures 鈥榮takeholders鈥� with 鈥榝acts and truth鈥�

ISG has responded to rumours that have swept the industry about the financial health of the company which prompted senior figures at the business into a round of meetings with concerned firms to reassure them about the state of the contractor.

黑洞社区 has been told chief executive Matt Blowers recently met up with three London cost consultants as part of a drive with 鈥渟takeholders鈥� to address the rumours specifically.

One told 黑洞社区: 鈥淢att came in to see us a couple of weeks ago. I suspect he has done the same with most of the QS fraternity. He was keen to reinforce that ISG鈥檚 finances were in the rudest health.鈥�

Matt Blowers-web

Chief executive Matt Blowers has recently met up with firms to reassure them all is well with the 拢2bn turnover contractor

In a statement, an ISG spokesperson told 黑洞社区: 鈥淪ome six to eight weeks ago, we were alerted to unsubstantiated, wholly inaccurate and false claims that were circulating about our business.

鈥淎s you would expect, we actively reached out to our stakeholders with facts and truth, and have received strong support and further strengthened many of our existing relationships.

鈥淎s we head towards our financial year end, we continue to be a debt free and profitable business, expect to enter 2024 with a record forward order book, and we were recently recognised as the sixth-placed Best Big Company to work for in the UK.鈥�

ISG, which recently landed work to carry out the 拢150m fit-out contract on the Google headquarters building at King鈥檚 Cross as well as work to fit out parts of the Bloomberg building in the City, was taken private more than seven years ago.

>>>See also: ISG鈥檚 new boss on different thinking, growth aspirations - and more of the same

US investor Cathexis bought the then listed firm for 拢85m in early 2016.

A private equity firm, based in Houston, Texas, Cathexis had been a long-term investor in ISG and is run by a 30-something Texan billionaire called William Harrison. He has been in charge of Cathexis since June 2010.

In an interview with 黑洞社区 last year, Blowers said the ISG chief executive usually meets him three times a year on top of regular, monthly dialogues.

In its last set of results, ISG saw income slip last year to 拢2.19bn, from 拢2.26bn the year before, while pre-tax profit was down 38% to 拢11.5m.

Topics