Office fit-out specialist IOR Group Ltd has called in administrators.
The London-based firm specialised in workplace interior design, fit-out and refurbishment.
According to an official notice on Tuesday (13 May) in The Gazette, Kelly Mitchell and Andrew Watling from Quantuma Advisory took over the firm’s affairs last week.
Formed in 1997, IOR’s revenue increased by a quarter to £20.4m in its most recent published accounts for the 2023 calendar year.
However, it fell into the red with a pre-tax loss of £427,664 compared with a £588,767 profit the previous year.
In their strategic report accompanying the accounts, directors cited a “significant” delay on an unnamed project as the main reason for the firm’s underperformance.
IOR’s total net assets increased from £719,000 to £881,000.
It employed a monthly average of 33 staff and owed trade creditors £2.9m, up from £1.6m in 2022.
“While the frustration of slow starting of key projects has affected profitability in the short term, the investments made and the staff retained will enable us to be well placed for quality delivery,” the directors added in their outlook.
IOR’s accounts for 2024 were due to be published by the end of September this year.
Quantuma has been approached for comment.
The IOR website is inactive, but its LinkedIn page mentioned jobs completed last year in London, such as a Cat A office fit-out in Sutton Yard, Clerkenwell.
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Ben Vogel