The UK construction company ISG has collapsed into administration, leading to thousands of job losses. The company, which was involved in numerous government projects, cited 'legacy issues relating to the large loss-making contracts' as the reason for its downfall.
Thousands of people have lost their jobs after the construction group ISG collapsed into administration in the UK.
Ms Price promised staff they would be paid on Monday, as normal, and said the current situation was the result of "legacy issues relating to the large loss-making contracts secured in between 2018 and 2020". EY has also said that ISG had been trying to find a buyer but failed to secure a suitable rescue deal. A potential buyer “could not, despite repeated requests of them to do so, adequately demonstrate that they had the funding needed to recapitalise the business and keep it solvent”, it added.London-based ISG employs about 2,400 people across its UK business, the majority of whom will be made redundant with immediate effect.
ISG Administration Job Losses Construction UK Business
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