Today the firm issued a statement to staff and suppliers setting out the plan, which will see a significant cash-injection into the business.

Further details will be confirmed in the coming days about the identity of overseas buyer, which is rumoured to be South African.

For several months suppliers and subcontractors have been told by the contractor that its Texan billionaire owner William Harrison was working to seal a refinancing deal in the second quarter of 2024 that would ease payments to the supply chain.

Matt Roche, chair of ISG and chief operating officer of owner Cathexis, wrote: “I wanted to provide an update on ISG and some key developments in the company.

“Specifically, I wanted to update you on the planned cash injection in H2 and recovery that Zoe Price has alluded to in recent communications with you and ISG’s external stakeholders.

“As of today, we are pleased to announce that Cathexis is very near to closing the sale of ISG and that all regulatory approvals have been received.

“The buyer has confirmed that the sale will include a significant investment, which will recapitalise the business and support the return to normal trading. ”

He added: “I am unable to share details of the buyer until the deal has been signed, which is likely to be within the coming days. We are jointly aligned on this communication.

“I know you will have lots of questions, but I would ask that you bear with us as we work to close the deal.

“Thank you for your patience over the past few months. I know there has been a period of uncertainty and am pleased we are now nearing a position where ISG can move forward with confidence for the future.”