A “very senior” industry figure had agreed to become ISG’s new chairperson, according to the man leading the doomed attempt to buy the business.
Andre Redinger, director of Antipodean Holdings, the firm formed earlier this year to complete the proposed takeover, revealed the detail during an exclusive interview with Construction News, published today.
During the interview, in which Redinger outlines his version of why the deal collapsed, he said that an agreement to run ISG had been made by a “very notable, experienced individual in the UK…who’s very senior”.
Redinger said: “I would prefer not to mention him, because I haven’t got his permission to mention him.
“But I thought it through, and what I needed was someone really comfortable with the construction industry as well as relationships, knowing government well, knowing the private sector well, knowing the big boys, affable, approachable, well experienced.
“So a bit of a ‘silver fox’.
“We were honoured to have them agree, and then that would have also been a great benefit to the company.”
Redinger said that Antipodean Holdings had also identified some “short-term options” to fill the chief executive role.
Antipodean Holdings director Peter Overton, who has 30 years of experience within Australian construction, would have taken a seat on the board.
Redinger told CN that the deal to acquire the firm had collapsed after he revised his offer for the contractor within the past month.
He claimed that his bid was lowered after due diligence showed that the firm would need more working capital to get back on a sustainable footing than originally anticipated.
CN broke the news on Thursday (19 September) that six of ISG’s subsidiaries – including ISG Construction – had applied to enter administration.
On Friday (20 September), administrators from EY announced that 2,200 staff at the firm had been made redundant with immediate effect.
Read Andre Redinger’s version of why his bid to buy ISG collapsed
