A HUTHWAITE joinery firm which completed the roof at London’s iconic 2012 Olympic Velodrome has gone bust with the loss of 54 jobs.
Wood Newton put the finishing touches on the spectacular structure, known as the Giant Pringle, in December as one of a string of high-profile contracts.
But a year before the velodrome becomes one of the most striking sights of the games, workers and community leaders were left shocked this week as the firm went into liquidation.
It was revealed yesterday that the company, based on Export Drive, is now the hands of administrators at RSM Tenon Recovery.
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.”
Huthwaite district councillor Ray Buttery said it was a ‘bad blow’ for the village and he was sorry for the workers who had lost their jobs.
“It is tragic as it was set up to employ local people and provided work for people who were not academic but were looking for a good job,” he said.
“They are building more and more industrial units here but there is nothing to move into them. We need an injection of money from the Government.”
Wood Newton’s directors attended the official opening of the velodrome in February when multiple-Olympic champion Sir Chris Hoy tested the track.
The structure was finished on time and Wood Newton had worked on the timber ceiling of more than 1,000 wood panels sitting on top of a steel cable-net.
After the completion of the velodrome in December, managing director John Green praised staff for the way they had tackled the complex project.
He also said the company was proud to have worked on the 2012 Olympics and claimed no other firm in the UK could have produced what Wood Newton had done.
As well as the velodrome, the company has also been involved with other Olympic projects.
Bosses found out in December they had been selected for a second potentially lucrative contract from the Olympic Delivery Authority (ODA) to construct Eton Manor.
This second scheme, involving one of the largest clear spanning timber structures in the UK, included a tennis centre and hockey pitch for the Paralympic Games.
An ODA spokesman said this week: “Wood Newton has been providing the timber works for the main facility building on Eton Manor.
“We are working with the principle contractor to ensure there is no impact on the delivery of the project.”