Clients of the research and development (R&D) claims firm have been left hanging as RDI Solutions called in Absolute Recovery Limited to review whether the business will have to go into administration or can be restructured. The licensed insolvency practitioner at Doncaster based Absolute Recovery is Stephen Richard Penn.

This follows the closure of the R&D company earlier this week when the RDI Solutions’ website was taken down, leaving only a notice online that the business was ‘not in operation’, having effectively suspended all activity.

A brief holding message on the RDI Solutions website has now been updated, stating that the company email has been disabled and is no longer available.

Any existing customers have been told they will have to wait minimum 30 days before they are contacted by the insolvency practitioner.

The company is run by owner and sole director Naim Mahmud through Mahmud Group Holdings and was set up in 2019; earlier this month the only four remaining directors resigned.

When it was up and running, RDI claimed it handled monthly R&D claims worth around £20m in tax relief, representing a sizeable annual claim book of £240m, and had ‘3,000 clients’. Accounts at Companies House show extensive director loans and intergroup loans are outstanding.

In a statement, RDI Solutions said: ‘The company is currently seeking advice from an insolvency practitioners to assess the company’s financial position and the best course of action moving forward for the business while it attempts to restructure.

‘There is currently no access to the company emails, for any enquiries, please contact Michael at Absolute Recovery Limited and he will assist with your query.

‘If your query can wait, Absolute Recovery Limited will be in touch in the next 30 days.’

The contact details for Michael Hollins, are tel: 01302 572 701 extension 300 or email [email protected].

Naim Mahmud has not responded to our request for comment.

R&D tax firm RDI Solutions shutters business | 13 Mar 2024