ISG Ltd

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This article is about the UK construction company. For other uses of ISG, see ISG.

ISG Ltd
Company typeLimited company
Industryfit-out, construction, engineering services
Headquarters
London
,
United Kingdom
Area served
Europe, Middle East, Asia
Key people
Zoe Price, CEO
Revenue£2,190 million (2022)[1]
Number of employees
2,982 (2021)[2]
Websiteisgltd.com

ISG Ltd (formerly Interior Services Group) is a privately-owned, London, UK-based construction company. It employs around 2,800 people, mainly in Europe, the Middle East and Asia, and has operations in 24 countries.

History

The business that became ISG was founded as Stanhope Interiors in 1989 by David King[3] who led its management buyout from Stanhope Properties in 1995, when it was renamed Interior plc.[4]

In 1997, the business, Interior Services Group, was floated on the Alternative Investment Market of the London Stock Exchange. It officially changed its name to ISG plc in April 2013.[5]

In March 2016, it was taken private by US-based Cathexis (the investment vehicle of Texan billionaire William Harrison),[6] previously a substantial shareholder, in a £85m takeover.[7][8][9]

In May 2021, ISG reported its results for 2020, affected by the COVID-19 pandemic. Revenue was down 23% to £2.0bn (2019: £2.6bn); underlying EBITDA for the year was £37.6m (2019: £63.3m).[6] Fit-out was ISG's biggest source of revenue (£1,042.3m in 2020), followed by construction (£690.8m) and engineering services (£293.3m).[10]

In the year to December 2021, ISG reported revenues of £2.263bn, still not back to its pre-pandemic peak, while pre-tax profits increased to £18.9m, from £8.9m a year earlier;[11] fit-out remained ISG's largest service line.[2] In 2022, ISG revenues slipped to £2.19bn, while pre-tax profit was down 38% to £11.5m.[1]

Appointed in 2022, ISG CEO Matt Blowers left the business in February 2024, being replaced as CEO by Zoe Price.[1] There were also changes affecting the company secretary, vice-chair and chief financial officer roles.[12]

Notable projects

Notes

  1. ^ The owner of ISG, William Harrison, was also a shareholder in Britishvolt (through Cathexis Holdings)[28] before it went into administration in January 2023.

References

  1. ^ a b c Rogers, Dave (9 February 2024). "ISG chief executive goes". Building. Retrieved 9 February 2024.
  2. ^ a b "ISG Annual Report 2021" (PDF). ISG. Retrieved 21 February 2023.
  3. ^ "Directors' Deals: King sized sale as ISG founder dumps a third of his stake". Times. 30 October 2005. Retrieved 17 May 2021.
  4. ^ "What goes on inside the head of Interior?". Construction News. 15 July 1999. Retrieved 21 February 2023. The fit-out arm of developer Stanhope has gone from strength to strength under his leadership, expanding after a management buyout in 1995.
  5. ^ "It is now officially ISG". The Construction Index. 5 April 2013. Retrieved 17 May 2021.
  6. ^ a b "ISG weathers challenging year". The Construction Index. 17 May 2021. Retrieved 17 May 2021.
  7. ^ "AIM - Cancellation - ISG Plc". Proactive Investors. Retrieved 17 May 2021.
  8. ^ "Takeover of AIM listed ISG Plc by Cathexis". BDO. Retrieved 17 May 2021.
  9. ^ "ISG sets delisting date". The Construction Index. 26 February 2016. Retrieved 17 May 2021.
  10. ^ "ISG profits tumble 80%". The Construction Index. 12 July 2021. Retrieved 12 July 2021.
  11. ^ Haynes, Luke (10 June 2022). "ISG revenue grows by £300m after pandemic shock". Construction News. Retrieved 21 February 2023.
  12. ^ Rogers, Dave (1 March 2024). "ISG brings in replacement for Paul Cossell as company secretary leaves". Building. Retrieved 1 March 2024.
  13. ^ "Royal Festival Hall". European Union Prize for Contemporary Architecture. Retrieved 25 July 2023.
  14. ^ "News | Interactive Investor". Iii.co.uk. 9 September 2008. Retrieved 2 February 2013.
  15. ^ "ISG completes Zayed Sports City Stadium". Middle East Construction News. Retrieved 25 July 2023.
  16. ^ ISG installs timber cycling track at Olympic Velodrome The Construction Index
  17. ^ "£3m Grimsby wind farm base contract handed out". Grimsby Telegraph. 27 March 2013. Retrieved 31 January 2014.
  18. ^ Fenwick Elliott, ISG Construction Ltd v Seevic College, published 3 December 2014, accessed 5 August 2022
  19. ^ "ISG to build Royal Mint visitor centre". Construction News. 14 October 2015. Retrieved 25 July 2023.
  20. ^ "ISG takes Wigan Town Hall back to the future". The Construction Index. 11 July 2013. Retrieved 6 August 2020.
  21. ^ "ISG named as main contractor for BBC Wales new headquarters at Central Square scheme in the centre of Cardiff". Wales Online. 18 November 2015. Retrieved 25 September 2017.
  22. ^ Weinfass, Ian (24 September 2020). "Client to reimburse ISG as cost on Waterloo job rises". Construction News. Retrieved 17 May 2021.
  23. ^ "Redevelopment at Lord's enhances world-class experience at the home of cricket". Lord's. Retrieved 18 May 2021.
  24. ^ Gregory, Rhys (3 December 2019). "ISG secures £89 million Cardiff transport interchange project". Wales247. Retrieved 20 November 2020.
  25. ^ "ISG wins £281m UCL neurology centre". The Construction Index. 3 April 2019. Retrieved 21 February 2023.
  26. ^ Haill, Oliver (6 September 2021). "Construction begins on UK's first battery gigafactory". Proactive Investor. Retrieved 31 August 2022.
  27. ^ Lowe, Tom (16 August 2022). "ISG pauses work on £2.6bn car battery 'gigafactory' amid funding delays". Building. Retrieved 30 August 2022.
  28. ^ Jolly, Jasper (29 September 2022). "Shock therapy: turmoil engulfs Britishvolt's £3.8bn battery factory". Guardian. Retrieved 29 September 2022.
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