Letters seen by the Enquirer confirm the structural steel supplier is due to be placed into liquidation today with 360 Insolvency handling the case.
A report from the insolvency specialist said Intelligent Steel Solutions “relied to a large extent on supplying structural steel for projects being conducted by Henley Construct Limited.”
Henley Construct – which had a turnover of £21m in 2021 – and Intelligent Steel Solutions share the same directors – Kashif Zafir Usmani and Tariq Zafir Usmani.
The report from 360 Insolvency said Intelligent Steel Solutions has 55 unsecured creditors owed £1.4m who are not expected to receive anything for their unpaid invoices with the company having run-up a £4m loss in the last 15 months including inter-company loans.
One subcontractor said: “Yet again the supply chain lose out – something really needs to be done about this.”