Construction news

• Ernst & Young appointed administrator at ISG

  20-09-2024 16:43
  
  Administrators from EY officially took control of ISG on Friday afternoon making 2,200 staff redundant.
  Timothy Graham Vance, Alan Michael Hudson and Dan Edkins of EY-Parthenon’s Turnaround & Restructuring Strategy have been appointed as Joint Administrators to eight UK trading entities of ISG – ISG Central Services Limited, ISG Interior Services Group UK Limited, ISG Fit Out Limited, ISG Engineering Services Limited, ISG UK Retail Limited, ISG Retail Limited, ISG Construction Li
  
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• 2,200 jobs go as administrator takes charge at ISG

  20-09-2024 16:43
  
  Administrators from EY officially took control of ISG on Friday afternoon making 2,200 staff redundant.
  Timothy Graham Vance, Alan Michael Hudson and Dan Edkins of EY-Parthenon’s Turnaround & Restructuring Strategy have been appointed as Joint Administrators to eight UK trading entities of ISG – ISG Central Services Limited, ISG Interior Services Group UK Limited, ISG Fit Out Limited, ISG Engineering Services Limited, ISG UK Retail Limited, ISG Retail Limited, ISG Construction Li
  
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• ISG Fit Out arm follows others with administration notice

  20-09-2024 15:52
  
  ISG has filed administration notices for its two remaining business – ISG Fit Out and ISG Interior Services Group.
  The successful fit out division made a £24m profit and turned over more than £500m in the last reported accounts.
  The two divisions follow six others which filed administration notices yesterday – ISG Construction Limited, ISG Engineering Services Limited, ISG Retail Limited, ISG UK Retail Limited, ISG Jackson Limited and ISG Central Services Limited.
  
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• Prison building plans facing delays over ISG collapse

  20-09-2024 13:13
  
  The government’s prison building programme is facing delays following the failure of ISG.
  ISG is one of the biggest players in prison upgrade and new construction work as the country faces a chronic shortage of cells with offenders being released early from overcrowded jails.
  The contractor started work earlier this year on a combined £135m upgrade for HMP Guys Marsh in Dorset and HMP Liverpool.Its £79m project at Guys Marsh was due to deliver two house blocks, one with 122 cel
  
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• ISG buyer claims contractor walked away from deal

  20-09-2024 12:44
  
  The prospective South African buyer in talks to save ISG claims the contractor’s management team walked away from a deal to save the business.
  The sensational revelation that a ‘fair deal’ was on the table emerged today as the prospective buyer Antopodean Holdings issued a statement at odds with ISG’s board account of events leading to the decision to appoint administrators.
  The firm claims finances were in place to save ISG and it remained committed to a deal with ISG ow
  
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• ISG boss apologises to staff in late night email

  20-09-2024 08:42
  
  ISG chief executive Zoe Price wrote to all staff last night to confirm the company’s administration and spell out what will happen going forward.
  Here is the email in full:
  “Some of you may have seen reports in the media that ISG has filed for administration here in the UK. With sadness, I can confirm that this is factually correct.“This was not the way I wanted you to find out and the news should not have leaked in this way. We had a managed plan to tell you what was happening
  
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• Green light for 1m sq ft Cambridge science district

  20-09-2024 08:39
  
  Science park developer Mission Street and real estate manager BGO have got the planning green light to build a 23-acre urban science district in central Cambridge.
  Totaling 1m sq ft across 7 buildings, the scheme’s design has been led by master planners Hawkins\Brown in collaboration with other leading design practices.
  The £100m project will be built in three phases on land south of Coldhams Lane, near Cambridge Airport.Phase 1 R&D laboratory building
  During construction, the pr
  
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• Oliver Connell margin hits record £15%

  20-09-2024 07:50
  
  London groundworks and concrete frame contractor Oliver Connell & Son has delivered another year of strong profit growth despite revenue dipping 8% to £131m.
  Pre-tax profit at the business, established 50 years ago, jumped to £20.2m in the year to June 2024 from £10.6m previously, taking average margin to a record 15%.
  James Connell, managing director, said the firm had benefitted this year from a clear focus on delivery against the challenging market backdrop.“All ou
  
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