Staffordshire firm involved with Olympic Village ceases trading

Bosses of Staffordshire firm that had been working on London's Olympic Village confirmed today it has ceased trading with 150 jobs lost.

Parry Bowen, based on Burntwood Industrial Park in Chasetown, has closed after 20 years in business.

Irwin & Co of Sutton Coldfield are expected to be appointed as administrators later this week. Parry Bowen had been working on two contracts for the 2012 Games.

In a statement, directors told of how they had believed they had enough reserves to keep the firm going through the uncertain economic climate, but had to make the heartbreaking decision to shut down.

It read: "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."