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 “within days”.
In a memo, Matt Roche told staff and suppliers a deal was on the cards but added: “I am unable to share details of the buyer until the deal has been signed, which is likely to be within the coming days.”
Building understands an announcement is “imminent” but concerns have been raised that, five days after Roche’s email, no official details have been revealed of the firm’s new owner, thought to be from overseas.
One source said: “They need to come out and say what is going on pretty soon. People are getting jumpy. I don’t know why they didn’t announce it all in one go. It just leaves more questions.”
In his email, Roche said the firm was “now nearing a position where ISG can move forward with confidence for the future” after months of speculation about its financial health.
Roche’s email added: “The buyer has confirmed that the sale will include a significant investment, which will recapitalise the business and support the return to normal trading.”
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 £85m for it.
No comments yet