County Durham-based structural steel supplier and installer Intelligent Steel Solutions is set to be liquidated this week.
Intelligent Steel Solutions and Henley Construct who share the same directors – Kashif Zafir Usmani and Tariq Zafir are both headquartered at the Battersea office, South London.
The majority of staff at Henley have now been placed on unpaid leave and put at risk of redundancy with a number of Intelligent Steel staff also placed on unpaid leave in early February. That move was blamed on “the unprecedented, combined impact of the aftermath of Brexit, Covid, rising costs and the onset of a recession”.
The report from insolvency practice 360 Insolvency said that Intelligent Steel Solutions “relied to a large extent on supplying structural steel for projects being conducted by Henley Construct Limited.”
The company 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.
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