It is the second established fit-out firm to fail in the last few days coming hard on the heels of Advanced Interiors, the specialist airport ceiling and partition contractor, which fell victim to a contract dispute and rock-bottom margins.

Both firms were award-winning members of the Association of Interior Specialists.

Isis prided itself on reinvesting 10% of profits into training and learning programmes and won an award for work on the Sofitel Spa in London last year.

The fit-out firm traded out of offices in central London and worked for a raft of blue chip clients from the BBC, and Heathrow Airport to most of the leading banks and car companies.

Isis, which turned over around £12m in 2009, was bought two years ago by former Reading FC chairman Roger Smee who through his Real Office Group acquired a string of firms to give clients a one stop shop for their commercial building needs.

Roderick Butcher of Birmingham-based administrator Butcher Woods is handling the business.