In space of 10 months, firm went from dismissing speculation to the brink of administration
Rumours about the health of the company first began to sweep the industry last autumn with ISG forced to deny there were any problems in November last year.
Here we take a look at how the firm went from dismissing those original claims as 鈥渇alse鈥� to last night鈥檚 email from chief executive Zoe Price to staff that it was heading for administration 10 months later.
October 2023
Rumours sweep the industry that ISG is facing serious financial problems.
13 November 2023
ISG spokesperson says: 鈥淪ome 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.鈥�
9 February 2024
Chief executive Matt Blowers leaves and is replaced by chief operating officer Zoe Price. The firm also announces that chief financial officer Karen Booth will leave at the end of the following month.
5 July 2024
ISG chairman Matt Roche tells staff a deal to sell the business will happen 鈥渋n the coming days鈥�. He tells staff and suppliers: 鈥淲e are pleased to announce that [ISG鈥檚 private equity owner] Cathexis is very near to closing the sale of ISG and that all regulatory approvals have been received.
鈥淭he buyer has confirmed that the sale will include a significant investment, which will recapitalise the business and support the return to normal trading.鈥�
Later that month, in another email, Roche says of the planned sale: 鈥淣othing has changed. We are going through the process. I fully expect the deal to complete.鈥�
August/September 2024
Days and weeks pass by but no deal with proposed would-be buyer, believed to be a businessman from South Africa, is announced. Towards the end of the August, optimistic rumours that a deal will be struck in the first week of September. By the end of the second week, rumours begin that the deal with the South African buyer is hanging by a thread.
17 September
Alandale Logistics files winding up petition. Speculation is rife that ISG is heading for administration.
18 September
ISG staff told their upcoming salaries will be paid as usual. This is set for 23 September.
19 September
Atmosphere about ISG鈥檚 future turns febrile as rumours sweep the industry again, this time saying ISG has filed for administration.
3pm ISG spokesperson denies firm is in administration.
4 30pm Six ISG companies apply to go into administration revealed in court documents.
10 30pm Chief executive Zoe Price emails staff to tell them 鈥渢hat ISG has filed for administration here in the UK鈥�. She adds: 鈥淭his was not the way I wanted you to find out and the news should not have leaked in this way. We had a managed plan to tell you what was happening on Monday once we had more clarity.鈥�
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