Glasgow-based company says Cathedral will add £100m of revenue by early 2026
Morris & Spottiswood has picked up the ISG Cathedral retail fit out arm from the collapsed contractor which the fit out and refurbishment specialist says will add £100m of income to its business by early 2026.
According to the firm’s last set of accounts, published in September, Morris & Spottiswood had a turnover of £128m and turned in an improved pre-tax profit of £2.8m.
Group chief executive Jon Dunwell said Cathedral would add £100m of revenue to the business as well as 110 staff to its existing 450.
Dunwell said he now expected revenue at the group to be around £265m within 15 months.
Those coming across include Kevin Dengate, the former boss of ISG Retail, one of the eight ISG businesses which imploded nearly two months ago.
The deal will see Morris & Spottiswood, which is based in Glasgow, set up a new business called Morris & Spottiswood England.
Morris & Spottiswood’s heartland has been Scotland and the North of England but Dunwell said: “We hope that this [deal] will give confidence to clients and the supply chain as a whole, as we embed the new division, while also expanding our services and geographical reach.
“The demise of ISG was sad news for the construction sector, causing significant disruption to valued clients and affecting many of our industry peers. We are pleased that as an agile family-owned business we have been able to move quickly to bring some stability to the situation, offering continuity and assurances of longevity to our new colleagues and clients alike.”
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The deal also adds three new offices to the firm’s business, with sites in Whitstable, Kent, Bristol and Huntingdon in Cambridgeshire.
ISG bought the then £40m turnover Cathedral, which is based in Whitstable, when it was a listed business for close to £12m in 2007. At the time, the move doubled the income of ISG’s retail operation.
Meanwhile, Morris & Spottiswood has bought Bathgate-based JB Engineering, which specialises in offsite fabrication. The firm said the business, which employs eight people, will become a subsidiary of its Livingston Building Services division.
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