Stoke & Staffordshire

London 2012 building firm Parry Bowen folds

Artist's impression of Olympic Village
Image caption The building cladding company had a contract to work on the construction of the 2012 Olympic Village

A Staffordshire building company with a contract for the 2012 Olympic Village has closed, putting 150 people out of work.

Parry Bowen Ltd, a building cladding specialist based in Chasetown, has ceased trading with a view to going into administration.

The company employed about 150 staff, with 130 at the Burntwood Business Park who have now been made redundant.

A spokeswoman blamed the "dreadful state" of the construction industry.

She said: "Two years ago the company had substantial cash reserves which the directors believed would see it through difficult (financial) times.

"The dreadful state of the construction market over the last couple of years has unfortunately seen these reserves disappear as reduced margins and customers' reluctance to pay have taken their toll."

The firm had secured contracts for the construction and design process of the curtain walling and glazing at the Athletes Village in Stratford, London.

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