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ISG: family firm saves 100 jobs after buying part of collapsed contractor
Cristina Lago Deputy Editor
The acquisition will expand geographically Morris & Spottiswood's business (Image: Morris & Spottiswood Group)
Morris & Spottiswood Group has salvaged 111 ISG jobs after acquiring part of the contractor, which went into administration in September.
The Glasgow family firm has absorbed ISG Cathedral, a retail fit-out specialist bought by ISG Interior Services in 2007 for £12m during the group’s expansion.
Companies of the ISG Group collapsed on 20 September, leaving all their projects paralysed and more than 2,000 staff unemployed.
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Morris & Spottiswood’s ex-ISG hires include Cathedral’s senior management team led by Kevin Dengate. The acquisition will establish a new England division within the fit-out group that will sit alongside the existing Scotland and Livingston M&E businesses.
It had recently acquired JB Engineering, a specialist provider of offsite fabrication services, as a subsidiary of Livingston Building Services.
The move is expected to add up to £100m in revenue for Morris & Spottiswood over the next 15 months and take the group’s turnover to £265m, an annual growth of 74%.
Morris & Spottiswood's chief executive, Jon Dunwell, said: “The demise of ISG was sad news for the construction sector, causing significant disruption to valued clients and affecting many of our industry peers. We are pleased that as an agile family-owned business we have been able to move quickly to bring some stability to the situation, offering continuity and assurances of longevity to our new colleagues and clients alike.
"We have a firm people-first focus and have been energised by this development, which brings a new mix of people into the business – aligned by values and skills, but also offering fresh perspectives and experience to our established talent pool. This is an exciting new phase in our growth plan, as we combine the best ideas and strengths from both businesses and move forward together as one team.”
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