A £20m-revenue HP and Hitachi reseller once recognised by The Sunday Times for its fast growth is set to be liquidated.
A creditors' meeting for OISG Information Systems Limited has been set for 3 March 2017, with Beesley Corporation Solutions acting as the proposed liquidators.
Beesley declined to comment on the circumstances behind OISG's demise, but sources say the London-based firm had endured a few bad months and was haemorrhaging staff.
Known for its prowess in the City, the firm featured in the Sunday Times Tech Track 100 a few years back after growing sales from £4.8m to £13.4m between 2007 and 2010.
For its year ending 31 March 2016, OISG Information Systems saw revenue fall from £18.2m to £13.3m, with operating profit almost halving to £641,000. Parent OISG Group Limited, which owns five active subsidiaries including OISG Information Systems, saw revenue drop from £20.6m to £16m in fiscal 2016, with operating profit more than halving to £406,000.
Both OISG Information Systems and OISG Group struck an upbeat note in their accounts, stating that they were happy with profitability levels.
"A reduced management team and a strong sales recruitment drive over the next 36 months are forecast to grow the group's turnover and profit significantly over the coming years," the accounts added.
But one source said business had taken a downturn in recent months, with staff levels falling rapidly from about 30 to roughly 10.
"They had two or three bad months, and five or six people were leaving every month," they said.
OISG Information System's sole director, Alan Edwards, could not be reached for comment and the group website didn't appear to be working.
Several directors had left the group in recent months, including Dominic Stow on 15 January 2017, Jody Pawson on 5 January 2017 and James Allan on 1 September 2016.
Notice of the creditors' meeting was confirmed in The Gazette on 24 February.
"A resolution may be proposed at the meeting of creditors to fix the basis of the liquidators' remuneration and to approve the costs and preparing the statement of affairs and convening the meeting," the notice stated.
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