Final accounts posted by ISG before its collapse into administration show the company owed more than £700m to suppliers.

The “trade and other” payables total for the year to December 31 2022 was £710.3m and is an indication of how much could be owed to creditors now the contractor has collapsed.

The 2022 annual report showed a turnover of £2.18bn generating a pre-tax profit of £11.5m.

Latest returns from submissions to the Government’s Duty to Report on Payment Practices and Performance published at the start of this year had ISG as the industry’s third fastest payer to subcontractors

But the controversial self-reporting data, which is collated and published by trade body Build UK every six months, has been challenged by subcontractors who complain it is open to gaming because it is based on the number of invoices paid rather than value.

This means that if many small sums are paid promptly, large payments could still be delayed without seriously impacting payment records.

Suppliers have also been complaining for months about withheld payments by ISG.

The annual report reveals directors of the company were paid £8.6m during the year.

It also highlighted ISG’s ‘Right thing first’ business strategy “which is all about balancing profit with purpose.”

The ambitions of the new strategy were:

Customers – To be the trusted partner, adding long-term value and supporting customer ambitions

Employees – To be an outstanding employer, inspiring and empowering people to be the best they can be

Environment – To be the first carbon-negative contractor in the sector

Social – To be a force for good, putting people’s futures first wherever we work