{"id":529936,"date":"2025-10-02T12:45:35","date_gmt":"2025-10-02T11:45:35","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=529936"},"modified":"2025-10-02T12:45:35","modified_gmt":"2025-10-02T11:45:35","slug":"isg-collapse-hits-building-services-firm-for-4m","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/financial\/isg-collapse-hits-building-services-firm-for-4m-02-10-2025\/","title":{"rendered":"ISG collapse hits building services firm for \u00a34m"},"content":{"rendered":"<p>ISG\u2019s collapse in September last year has left a \u00a33.8m-sized dent in a major building services firm\u2019s finances.<\/p>\n<p>Yorkshire-based Ivegate Limited had to take over from ISG on a \u00a315m fit-out project, which it was originally working on as a subcontractor, it revealed in annual accounts published this week<\/p>\n<p>But difficulties recouping funds from ISG left &#8220;an exposure of \u00a33.8m\u201d, according to the firm&#8217;s annual accounts for the year to 31 December 2024.<\/p>\n<p>In his strategic report accompanying the accounts, Ivegate managing director Andrew Hudson said the year was \u201cmore challenging than anticipated with the demise of ISG\u201d.<\/p>\n<p>Underlying profitability was affected because \u201cwe were not able to recover all costs associated with their [ISG&#8217;s] demise\u201d, Hudson said.<\/p>\n<p>However, he said that the firm had &#8220;continued to manage cash well and despite the challenges faced with ISG have largely maintained our liquid position over the period.&#8221;<\/p>\n<p>Ivegate was working on a fit-out project for ISG \u2013 BT\u2019s Four New Bailey office in Manchester (pictured) \u2013 when the tier one contractor <a href=\"https:\/\/www.constructionnews.co.uk\/financial\/administrations\/isg-uk-subsidiaries-apply-for-administration-19-09-2024\/\">collapsed last September<\/a>.<\/p>\n<p>The firm said its directors \u201ctook swift action and were able to engage directly with the client for the main project we were working on for ISG, and stepped in as principal contractor to complete the project\u201d by April 2025.<\/p>\n<p>According to a Linkedin post by Ivegate in July, the project was worth around \u00a315m. In the face of \u201csome uncertain and precarious circumstances\u201d, the firm added, it was able to employ most of the original delivery team and supply chain to complete the project on time and within budget.<\/p>\n<p>The accounts showed\u00a0Ivegate\u2019s pre-tax profit dropped from \u00a31.2m the previous year (which covered just a six-month accounting period) to \u00a3212,000.<\/p>\n<p>Turnover more than doubled from \u00a322.9m to \u00a346.2m, effectively remaining steady on a per-month basis.<\/p>\n<p>Cash fell from \u00a35.4m to \u00a34.7m.<\/p>\n<p>ISG was the sixth-biggest contractor in the UK when it went under, with revenue totalling \u00a32.2bn.<\/p>\n<p>The collapse hit subcontractors, government clients and projects up and down the country, as clients scrambled to replace the main contractor on jobs and minimise supply chain exposure.<\/p>\n<p>Two firms \u2013 Vitrine Systems and Seventynine Lighting \u2013<a href=\"https:\/\/www.constructionnews.co.uk\/financial\/administrations\/lighting-subcontractor-goes-under-administrators-blame-isg-collapse-25-10-2024\/\">\u00a0directly blamed ISG<\/a>\u00a0for their demise, with<a href=\"https:\/\/www.constructionnews.co.uk\/financial\/administrations\/ex-subbie-lost-3m-when-isg-kicked-off-job-in-spring-2024-22-12-2024\/\">\u00a0Vitrine taking a \u00a33m hit<\/a>\u00a0when ISG was kicked off a major job.<\/p>\n<p>Last month, M&amp;E specialists Hensall Mechanical Services revealed that <a href=\"https:\/\/www.constructionnews.co.uk\/contractors\/isg\/isg-collapse-causes-significant-setback-for-me-contractor-12-08-2025\/\">ISG\u2019s collapse forced it into a \u201csubstantial gross<\/a> write-off\u201d.<\/p>\n<p>ISG\u2019s collapse also pushed joinery and fit-out firm <a href=\"https:\/\/www.constructionnews.co.uk\/contractors\/isg\/isg-demise-prompts-strategic-rethink-at-joinery-firm-21-05-2025\/\">Taylor Made Joinery Interiors into a strategic rethink<\/a>, it said in May.<\/p>\n<p>Ivegate declined to offer further comment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISG\u2019s collapse in September last year has left a \u00a33.8m-sized dent in a major building services firm\u2019s finances. Yorkshire-based Ivegate Limited had to take over from ISG on a \u00a315m fit-out project, which it was originally working on as a subcontractor, it revealed in annual accounts published this week But difficulties recouping funds from ISG &#8230;<\/p>\n","protected":false},"author":90643,"featured_media":529952,"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-529936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","category-isg","category-supply-chain","issue-online-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ISG collapse hits building services firm for \u00a34m | Construction News<\/title>\n<meta name=\"description\" content=\"ISG\u2019s collapse in September last year has left a \u00a33.8m-sized dent in a major building services firm\u2019s finances. 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