Joinery specialist Wood Newton has been put into liquidation by RSM Tenon with the loss of 54 jobs.
The failure comes just months after the Nottinghamshire firm completed the Velodrome’s stunning wooden exterior and roof.
Wood Newton was a supply chain partner to a string of major contractors including ISG, Lend Lease and Taylor Wimpey.
The company had secured another Olympic contract at Eton Manor.
An Olympic Delivery Authority spokesman said: “We are working with the principal contractor to ensure there is no impact on the delivery of the project.”
Paul Finnity, at RSM Tenon’s Derby office, said: “Wood Newton failed due to a combination of deferred start dates for a number of contracts, payment disputes, and significant under-payment of amounts owed to the company based on valuations.
“Unfortunately, 54 people have been made redundant.”