{"id":820759,"date":"2025-01-18T05:11:54","date_gmt":"2025-01-18T11:11:54","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/01\/18\/isg-lighting-subcontractor-went-down-owing-2-1m\/"},"modified":"2025-01-18T05:11:54","modified_gmt":"2025-01-18T11:11:54","slug":"isg-lighting-subcontractor-went-down-owing-2-1m","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/01\/18\/isg-lighting-subcontractor-went-down-owing-2-1m\/","title":{"rendered":"ISG lighting subcontractor went down owing \u00a32.1m"},"content":{"rendered":"<div id=\"wrapper_sleeve\">\n<p><img loading=\"lazy\" decoding=\"async\" width=\"620\" height=\"414\" src=\"https:\/\/emap-romulus-prod.s3.eu-west-1.amazonaws.com\/wp-content\/uploads\/sites\/8\/2023\/04\/administration_generic.jpg\"   alt=\"administration_generic.jpg\"><\/p>\n<div>\n<p><span>Subcontractor Seventynine Lighting, which went down in October, owed more than \u00a32m, administrators have confirmed.<\/span><\/p>\n<p><span>Insolvency professionals at Forvis Mazars said the \u00a311m-turnover firm, based in Gloucestershire, owed \u00a32.1m to creditors when it<\/span><a href=\"https:\/\/www.constructionnews.co.uk\/financial\/administrations\/lighting-subcontractor-goes-under-administrators-blame-isg-collapse-25-10-2024\/\"> <span>collapsed last year following ISG\u2019s fall into administration<\/span><\/a><span>.<\/span><\/p>\n<p><span>Its statement-of-affairs form posted at Companies House on 13 January shows that \u00a31.8m of the total was owed to trade creditors for work carried out on ISG sites.<\/span><\/p>\n<p><span>Some 34 ex-employees and directors were also owed \u00a350,000, and HMRC just under \u00a311,000.<\/span><\/p>\n<p><span>The firm only has about \u00a3300,000 available in assets for administrators to recoup, with the tax body and former staff members first in line to receive the cash.<\/span><\/p>\n<p><span>A previous report from Forvis Mazars outlined that the company had traded successfully since 2006, turning over \u00a310.7m and making a pre-tax profit of \u00a3665,700 in the year to 31 May 2023.<\/span><\/p>\n<p><span>But because it was owed the money by ISG and did most of its work on the contractor\u2019s sites, the firm could not continue to operate after ISG\u2019s fall.<\/span><\/p>\n<p><span>\u201cISG subcontracted to the company and [was] a debtor for approximately \u00a32m,\u201d the November document said. \u201cISG was also a major source of work for the company; however, following the administration of ISG, all sites closed and work immediately stopped.\u201d<\/span><\/p>\n<p><span>Other firms in the 79 Group \u2013 Seventynine Holdings, Seventynine Group and Seventynine Eco \u2013 are not in administration and continue to trade.<\/span><\/p>\n<p><span>Subsidiaries of ISG owed more than \u00a3301m to their supply chains, with most not expected to be recouped, administrators\u2019<\/span><a href=\"https:\/\/www.constructionnews.co.uk\/contractors\/isg\/isg-supply-chain-hit-tops-300m-28-10-2024\/\"> <span>reports<\/span><\/a><span> have previously revealed.<\/span><\/p>\n<p><span>ISG turned over \u00a32.2bn and employed more than 3,000 people before its collapse. This week, seven former senior staff <\/span><a href=\"https:\/\/www.constructionnews.co.uk\/peoplemoves\/people-moves-morgan-sindall-chair-departs-ex-isg-staff-land-new-roles-17-01-2025\/\"><span>landed roles at other contractors<\/span><\/a><span>.<\/span><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.constructionnews.co.uk\/financial\/administrations\/isg-lighting-subcontractor-went-down-owing-2-1m-17-01-2025\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Ian Weinfass<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Subcontractor Seventynine Lighting, which went down in October, owed more than \u00a32m, administrators have confirmed. Insolvency professionals at Forvis Mazars said the \u00a311m-turnover firm, based in Gloucestershire, owed \u00a32.1m to creditors when it collapsed last year following ISG\u2019s fall into administration . Its statement-of-affairs form posted at Companies House on 13 January shows that \u00a31.8m<\/p>\n","protected":false},"author":1,"featured_media":820760,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26479,117709],"tags":[],"class_list":{"0":"post-820759","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-lighting","8":"category-subcontractor"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/820759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=820759"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/820759\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/820760"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=820759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=820759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=820759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}