Contractor hoping to reveal details of new owner this week
ISG is still hoping to announce details of its new owner this week after its chairman said last Friday that a deal would be concluded 鈥渨ithin days鈥�.
In a memo, Matt Roche told staff and suppliers a deal was on the cards but added: 鈥淚 am unable to share details of the buyer until the deal has been signed, which is likely to be within the coming days.鈥�
黑洞社区 understands an announcement is 鈥渋mminent鈥� but concerns have been raised that, five days after Roche鈥檚 email, no official details have been revealed of the firm鈥檚 new owner, thought to be from overseas.
One source said: 鈥淭hey need to come out and say what is going on pretty soon. People are getting jumpy. I don鈥檛 know why they didn鈥檛 announce it all in one go. It just leaves more questions.鈥�
In his email, Roche said the firm was 鈥渘ow nearing a position where ISG can move forward with confidence for the future鈥� after months of speculation about its financial health.
Roche鈥檚 email added: 鈥淭he buyer has confirmed that the sale will include a significant investment, which will recapitalise the business and support the return to normal trading.鈥�
Once signed, ISG is expected to concentrate on fit-out and frameworks jobs but question marks remain over its London construction business with the firm thought to be looking at pulling the plug on contracting jobs in the capital.
ISG has been owned by US investor Cathexis since 2016 after the firm, run by a 30-something Texan billionaire called William Harrison, paid 拢85m for it.
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