ISG, the sixth-largest UK contractor, is on the verge of being sold by its parent company, Cathexis, after eight years of ownership. The potential buyer, who has not yet been named, is expected to invest heavily in the business.

Cathexis Chief Operating Officer and ISG Chairman Matt Roche communicated to stakeholders that the sale is close to completion. “I am unable to share details of the buyer until the deal has been signed, which is likely to be within the coming days,” Roche stated in an email to suppliers, clients, and employees.

ISG reported a drop in pre-tax profit by £7m to £11.5m for the 2022 calendar year, with flat revenue at £2.2bn and a decrease in net cash to £104.7m.