A STAFFORDSHIRE cladding firm with a contract to work on the 2012 Olympic athletes’ village is preparing to call in administrators.
Parry Bowen, based in Burntwood near Cannock, employs around 150 staff, of which 130 are based at Burntwood Business Park. All have been made redundant.
The firm said it had ceased trading after 20 years with “a view to going into administration”.
“Two years ago the company had substantial cash reserves which the directors believed would see it through these difficult times,” it added.
“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 directors hoped that a proposed reduction in staff would have been sufficient to see the business survive, but recent industry forecasts suggesting that there will be no imminent improvement in the outlook for the construction industry made it clear that even this action would not have been enough.”
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