Wed, 11 May 2011 | BUSINESS SALE
Administrators are exploring options for fit-out specialist, Isis Projects - including finding a new owner for the company - after it collapsed into administration yesterday.
The Central London-based company became the second fit-out specialist to collapse in the last few days, following the misfortunes of Advanced Interiors, which fell into administration earlier this week.
Both companies had been members of the Association of Interior Specialists and had collected numerous awards for their work on large-scale interior projects, including a number of high-profile airport projects. It is thought, however, that increasingly cut-throat margins took their toll on both companies, and prospective buyers are now being sought.
Isis has taken great pride in recent years in reinvesting 10 per cent of its profits in employee training and education programmes. Its client list includes a raft of blue chip companies including the BBC and Heathrow airport.
The company was purchased two years ago by the former chairman of Reading Football Club, Roger Smee, who aimed to make it part of the 'one-stop-shop' service offered by his Real Office Group for the building needs of commercial clients. Its annual turnover in 2009 was £12 million.
Roderick Butcher from the Birmingham insolvency specialist Butcher Woods is handling the administration.
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