Construction news

• Former ISG chief joins fit-out firm Structure Tone

  23-09-2024 20:03
  
  Former ISG chief executive Matt Blowers has joined fit-out contractor Structure Tone London as Joint Managing Director.
  Blowers left ISG in February after 26 years in the business.
  It is understood he struck a deal with Structure Tone bosses in New York earlier this summer but was on gardening leave from ISG until the New Year.That exclusion clause was invalidated with the collapse of ISG and Blowers now joins Structure Tone with immediate effect working closely with his fellow Joint Managing Di
  
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• Carey family confirm death of co-founder John Carey

  23-09-2024 16:11
  
  Former Carey Group chairman and co-founder John Carey has died.
  The Carey family confirmed he died on Sunday morning aged 83.
  John Carey and his two brothers Tom and Pat started the firm in 1969 after moving to London from Ireland.The “three brothers and a van” started a groundworks contracting company called PJ Carey Plant Hire (Oval) Ltd which evolved into the current contracting group.
  A family statement said: “It is with great sadness we share that on Sunday morning, John C
  
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• ISG supply chain facing £700m+ hit

  23-09-2024 15:13
  
  Final accounts posted by ISG before its collapse into administration show the company owed more than £700m to suppliers.
  The “trade and other” payables total for the year to December 31 2022 was £710.3m and is an indication of how much could be owed to creditors now the contractor has collapsed.
  The 2022 annual report showed a turnover of £2.18bn generating a pre-tax profit of £11.5m.Latest returns from submissions to the Government’s Duty to Report
  
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• ISG bonding losses contained at £60m

  23-09-2024 08:47
  
  The fallout from the collapse of ISG in the bonding market is likely to be less severe than many firms feared.
  Sources say surety providers have managed to contain losses at around £60m.
  While its still represents a big hit for the bonding market after two already torrid years, the exposure is well below the £160m body blow suffered by bond providers when Henry Projects collapsed.It is also well below the level of bonding exposure at ISG two years ago, which stood at around £14
  
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• Winners named for Wessex Water £3.7bn AMP8 deal

  23-09-2024 08:45
  
  Wessex Water has named the line-up of contractors and consultants it plans to use to deliver a £3.7bn capital investment framework for the AMP8 control period starting in April 2025.
  Kier secured spots on the three key contractor lots with Mott MacDonald Bentley and Galliford Try securing two lots each.
  The appointments will support Wessex Water in delivering its planned investment up to 2030 in a wide range of improvements for its 2.9 million customers across the South West of England, in
  
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• Funding green light for £96m Liverpool Baltic Station plan

  23-09-2024 08:07
  
  Liverpool City Region Combined Authority has given the go-ahead for a £96m funding package to build the Liverpool Baltic station.
  The decision paves the way for a planning application to be submitted to Liverpool City Council in October.
  Pending approvals from the Department for Transport, construction would begin next year, with the Mayor pledging to have the station open by 2027.The investment will fund the new station, set to be located on Merseyrail’s Northern Line, alongside imp
  
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