{"id":520926,"date":"2025-05-21T12:45:13","date_gmt":"2025-05-21T11:45:13","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=520926"},"modified":"2025-05-20T16:42:05","modified_gmt":"2025-05-20T15:42:05","slug":"isg-demise-prompts-strategic-rethink-at-joinery-firm","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/contractors\/isg\/isg-demise-prompts-strategic-rethink-at-joinery-firm-21-05-2025\/","title":{"rendered":"ISG demise prompts strategic rethink at joinery firm"},"content":{"rendered":"

A \u00a338m-turnover joinery and fit-out firm says it has been forced to reevaluate its business strategy following ISG\u2019s collapse last September.<\/span><\/p>\n

In its annual results for the year to 31 December 2024, Taylor Made Joinery Interiors said the tier one contractor\u2019s downfall had sounded an alarm bell, warning that the \u201cmost significant risk identified during the year, as evidenced by the ISG administration, is overreliance on any single contractor\u201d.<\/span><\/p>\n

It is estimated that ISG\u2019s demise will<\/span> cost the wider supply chain around \u00a3885m in unpaid retentions and bills<\/span><\/a>.\u00a0<\/span><\/p>\n

Taylor Made said it had \u201cactively mitigated this risk\u201d by diversifying its client base and by \u201cworking with a broader number of main contractors to spread exposure\u201d.<\/span><\/p>\n

\u201cAdditionally, we maintain comprehensive credit insurance coverage to protect against potential customer insolvencies,\u201d it said.<\/span><\/p>\n

The Suffolk-based firm posted revenue of \u00a337.7m for the year, slightly up on the 2023 total of \u00a336.9m. But it said its \u201crevenue performance was impacted by the administration of ISG, which affected our turnover aspirations within 2024\u201d.<\/span><\/p>\n

\u201cDespite this challenge, the London fit-out market and beyond has remained buoyant, supported by an increasing desire to get people back to the workplace,\u201d it said.<\/span><\/p>\n

Pre-tax profit at the firm \u2013 which underwent a management buyout last October \u2013 fell from \u00a32.1m to \u00a31.9m.<\/span><\/p>\n

A focus on \u201cstringent and ongoing cashflow management\u201d had allowed Taylor Made to meet all of its obligations, despite the \u201cuncertain economic backdrop following the ISG demise\u201d, the firm said in its accounts.<\/span><\/p>\n

Despite the impact of ISG\u2019s downfall, Taylor Made said supply chain conditions had \u201csubstantially improved\u201d over the past year.<\/span><\/p>\n

It added: \u201cPrice volatility has stabilised, and along with strong key supplier relationships, this has enabled us to effectively manage costs and maintain our margin levels.\u201d<\/span><\/p>\n

With a \u00a32.2bn turnover, ISG was the biggest corporate failure in the construction industry<\/span> since Carillion collapsed in 2018<\/span><\/a>. Over two-thirds of ISG\u2019s 2,400 staff are now<\/span> pursuing Employment Tribunal claims against the firm<\/span><\/a> over the way they were made redundant.<\/span><\/p>\n

The wider impact of ISG\u2019s failure has been well documented. At least two firms \u2013<\/span> Seventynine Lighting<\/span><\/a> and<\/span> Vitrine Systems<\/span><\/a> \u2013 have blamed ISG for their own demise. It has also hit the public sector, with the Ministry of Justice<\/span> estimating in January that it would cost the department around \u00a3300m<\/span><\/a>.<\/span><\/p>\n

Last year,<\/span> steel specialist Billington said its trade credit insurance had helped protect it from the financial fallout<\/span><\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A \u00a338m-turnover joinery and fit-out firm says it has been forced to reevaluate its business strategy following ISG\u2019s collapse last September. In its annual results for the year to 31 December 2024, Taylor Made Joinery Interiors said the tier one contractor\u2019s downfall had sounded an alarm bell, warning that the \u201cmost significant risk identified during …<\/p>\n","protected":false},"author":90643,"featured_media":487561,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[552,535,57171],"tags":[],"class_list":["post-520926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-isg","category-supply-chain","issue-online-news"],"yoast_head":"\nISG demise prompts strategic rethink at joinery firm | Construction News<\/title>\n<meta name=\"description\" content=\"A \u00a338m-turnover joinery and fit-out firm says it has been forced to reevaluate its business strategy following ISG\u2019s collapse last September. 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