Chief executive of £2bn turnover contractor reassures ‘stakeholders’ with ‘facts and truth’

ISG has responded to rumours that have swept the industry about the financial health of the company which prompted senior figures at the business into a round of meetings with concerned firms to reassure them about the state of the contractor.

Building has been told chief executive Matt Blowers recently met up with three London cost consultants as part of a drive with “stakeholders” to address the rumours specifically.

One told Building: “Matt came in to see us a couple of weeks ago. I suspect he has done the same with most of the QS fraternity. He was keen to reinforce that ISG’s finances were in the rudest health.”

Matt Blowers-web

Chief executive Matt Blowers has recently met up with firms to reassure them all is well with the £2bn turnover contractor

In a statement, an ISG spokesperson told Building: “Some six to eight weeks ago, we were alerted to unsubstantiated, wholly inaccurate and false claims that were circulating about our business.

“As you would expect, we actively reached out to our stakeholders with facts and truth, and have received strong support and further strengthened many of our existing relationships.

“As we head towards our financial year end, we continue to be a debt free and profitable business, expect to enter 2024 with a record forward order book, and we were recently recognised as the sixth-placed Best Big Company to work for in the UK.”

ISG, which recently landed work to carry out the £150m fit-out contract on the Google headquarters building at King’s Cross as well as work to fit out parts of the Bloomberg building in the City, was taken private more than seven years ago.

>>>See also: ISG’s new boss on different thinking, growth aspirations - and more of the same

US investor Cathexis bought the then listed firm for £85m in early 2016.

A private equity firm, based in Houston, Texas, Cathexis had been a long-term investor in ISG and is run by a 30-something Texan billionaire called William Harrison. He has been in charge of Cathexis since June 2010.

In an interview with Building last year, Blowers said the ISG chief executive usually meets him three times a year on top of regular, monthly dialogues.

In its last set of results, ISG saw income slip last year to £2.19bn, from £2.26bn the year before, while pre-tax profit was down 38% to £11.5m.