Mon, 24 Oct 2011 | ADMINISTRATION
Parry Bowen, the Staffordshire building cladding specialist that has a major contract for work at London's Olympic Village, sent its staff home on Friday amid reports that the company was preparing to call in administrators.
An official statement has not yet been released by the company, but a representative from the firm confirmed to the Express and Star newspaper that the staff had been sent home. He said that the action had been taken with a view to the company going into administration and that a statement would be released shortly.
The company employs 150 people from its base on the Burntwood Business Park in Chasetown, and was set up more than 20 years ago.
Parry Bowen is carrying out extensive work on the Olympic Athlete's village. Its largest contract is with John Sisk and involves fitting out the curtain walling and glazing in two of the residential towers. The industry publication, the Construction Enquirer, has reported that the company is thought to be entangled in a payment row over its work at the landmark London development.
An industry source said that employees first caught the scent of potential problems last week and that once they did, things moved quite quickly.
"The alarm bells started when all the plant was withdrawn from their sites at the start of the week," the source told the Construction Enquirer. "They have a claim outstanding over their Olympic contract and that must have been a big factor in what has happened."
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