ISG lands £59m City refurb job

ISG has been awarded a £59m office refurbishment project opposite the Old Bailey in London.

ISG will transform the facade of 20 Old Bailey, which will be extended by two additional floors and upgraded with structural remodelling to provide 240,000ft² of office space. The client is investment firm Blackstone.

The new project win adds to ISG’s portfolio of projects which include the Adelphi Building and One American Square.

David Lawther, ISG chief executive, said: “Global demand for prime office space in London’s most desirable business locations continues to drive this buoyant market. We are pleased to be able to continue supporting our core customers with their refurbishment programs.”

Work is due to start in November 2015.

In July in a trading update the firm said its fit-out division was performing better than expected so far this year, along with its engineering services and retail businesses.

Good performances across these divisions made up for £10.5m of exceptional costs incurred from closing its luxury London residential business and Tonbridge office - which the firm said in the update meant it was overall on course to meet market expectations for profit.

ISG previously made £17m of provisions for the two closures in a £7m profit warning in February.

ISG will report results for the year to June on 8 September.