Here is the e-mail completely:
“Some of you might have seen reports in the media that ISG has actually declared administration here in the UK. With unhappiness, I can validate that this is factually right.
“This was not the method I desired you to learn and the news must not have actually dripped in this method. We had actually a handled strategy to inform you what was occurring on Monday once we had more clearness, however news has actually dripped at the filing phase– which is why I am composing to you this evening.
“Before I enter into anymore description, I desire everybody to understand that– contrary to journalism reports– you will be paid on Monday as regular. I value this is just a little convenience versus a context of unpredictability for you all in regards to what takes place next.
“You are owed a description of what has actually been taking place over current months. I understand there has actually been speculation and rumour for a long time, and we have actually attempted whatever to conserve ISG from this circumstance. And understand there need to have felt an absence of interaction.
“The fact is that every interaction we have actually done has actually been dripped to journalism by a really little minority, which has actually not been handy as we have actually worked to rescue ISG. Which is why we have actually been really mindful in the previous number of months.
“By method of background, the Group's trading and money efficiency has actually been affected by tradition concerns connecting to the big loss-making agreements protected in between 2018 and 2020 (mostly in the Residential, Logistics & & Distribution sectors in addition to some Data Centre tasks).
“Trading out these tasks has actually had a considerable impact on our liquidity. Even though we have actually been lucrative this year, our tradition has actually led us to a point where we have actually been not able to continue trading.
“I desire you to understand there have actually been considerable efforts made to protect a sale of the Group over numerous months. While there has actually been speculation for some weeks now, I can verify that it was not possible to conclude a sale, as the buyer might not please the financing required to recapitalise business. Cathexis likewise took a look at re-financing the business in current months however has actually been not able to carry out.
“We likewise took a look at offering private organization systems to 3rd parties however once again, we have actually not had the ability to conclude these settlements in the timescale.
“This has actually left us no choice however to apply for administration. Once again, I am so sorry to need to share this news
“I understand all of you will still keep what is very important at this time, whether that is guaranteeing we keep individuals safe, supporting coworkers, or handling customers and subcontractors
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