Administrators have estimated ISG’s fit out business owes £111.4m to the supply chain, bringing the total across the firm to more than £301m.
Companies House today (28 October) published a statement of affairs relating to ISG Fit Out Ltd – the final of the six ISG subsidiaries which went into administration last month.
The total comes on top of the £190m identified across the firm’s other seven subsidiaries last week.
Today’s statement showed that 20 individual companies in the supply chain were owed more than £1m each.
Further claims to administrators at EY-Parthenon from creditors could mean that the total rises further.
Last week, it was announced that ISG subcontractor Seventynine Lighting blamed the collapse of ISG for its own administration, with insolvency firm Forvis Mazars stating the lighting design and installation firm had a bad debt of £2m due to ISG’s demise.
However, the new report identifies Seventynine Lighting as being owed only £108,375 by ISG Fit Out.
Last week’s statements identified £158,738 owed to Seventynine Lighting by ISG Retail.
ISG Fit Out also owed £536,679 to defunct mechanical and electrical (M&E) specialist Michael J Lonsdale, which went into administration in October 2023. Lonsdale was also owed £1.1m by ISG Engineering and £123,000 by ISG Construction.
HMRC was owed £18.3m by ISG Fit Out, taking the total owed to the tax body to £72.7m.
ISG Fit Out reported turnover of £567.8m and a pre-tax profit of £24.5m in its most recent accounts for the 2022 calendar year, when the firm employed a monthly average of 500 staff.
Last month, EY-Parthenon sent a letter to creditors of five ISG subsidiaries, telling them they were unlikely to receive any money from the collapsed firm. T
hese were ISG Fit Out, ISG Central Services, ISG Construction, ISG Engineering and ISG Retail.
The new report highlighted a £169.7m deficit in what is expected to be claimed by creditors of ISG Fit Out and what the administrators expect to recover.
ISG, which turned over £2.2bn in 2022 and made a pre-tax profit of £11.5m, went under after a long-running effort to sell the business broke down last month.
