Rumours had been circulating the industry last week that the facade contractor was in financial trouble.

One of its biggest recent jobs was for John Sisk on the 2012 Athlete’s Village.

A company statement said: “It is with great sadness and heavy hearts that the directors of Parry Bowen Limited announce that after 20 years the business has ceased trading 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.

“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.

“Throughout its life Parry Bowen maintained a focus on technical expertise. The business has been an important participant in numerous prestigious projects which is testament to the skill and dedication of its workforce.

“The business employed around 150 staff of which 130 were located in Burntwood, Staffordshire who have now been made redundant.

“More optimistically, the company’s state-of-the art production facility has an excellent reputation and may be attractive to potential purchasers, a matter that will pursued by the directors in conjunction with the administrator in due course.”