As two more of its subsidiaries ‘ founders confirmed, about 2,200 people have been promptly fired from the company ISG as a result of two proved employee unions ‘ failures.
ISG Interior Services Group UK Ltd and ISG Fit Out Ltd today ( 20 September ) joined the six subsidiaries that appointed administrators from Ernst &, Young ( EY ) yesterday ( 19 September ).
Joint officials Timothy Graham Vance, Alan Michael Hudson, and Dan Edkins stated that ISG‘s UK businesses “have ceased to deal with quick effect.”
The majority of the company’s 2, 400 positions may be” with quick consequence,” according to them, with 200 employees being immediately kept on to help executives wind down the business.
The officials claimed that ISG had “liquidity constraints” in the last few months, which led to managers to look into various choices to secure the company’s potential, including selling all or part of the group.
EY also objected to statements that had been made regarding the validity of the design company as a going concern.
They stated:” While there has been misguided debate surrounding the potential sales in the last few days, we want to make it clear to employees, suppliers, and customers that it was impossible to conclude a sale because the potential customer was not sufficiently show that they had the financing necessary to recapitalize the business and keep it solvent,” despite repeated requests of them.
The sale has been moving smoothly, according to the potential buyers before. South African investor Andre Redinger, one of the match, stated that Antipodean Holdings was “ready to strike a deal that would have secured the company’s future and the work of its people.”
The other owner, Australian investor James Overton, said:” ISG staff and the supply chain should be infuriated that the company’s ownership failed to see that and act in their best interests”.
Former employees have announced their new employment opportunities on Linked In.
One assistant planner wrote:” What a sad day for the industry. My friends and ISG colleagues are devastated to see me so badly.
A social value advisor wrote:” After a little over three years with ISG, I find myself, like all my amazing and wonderfully talented colleagues, in a position where I am open to work.
I genuinely never imagined I would write this, especially since just a few weeks ago I was so optimistic and optimistic about the future.
Meanwhile, hiring teams at other tier one companies, such as Mace, Amey, and Laing O’Rourke, have urged those affected to contact them.
