Chairman Alan Hardy said he is dealing with a “very difficult and stressful situation at Paragon”.

Subcontractors have been in touch with the Enquirer complaining about late payments by Paragon on jobs.

It is also understood staff are not being paid this week and the company is actively looking for a buyer.

One insider said: “Most trades have stopped working on their sites now, with the exception of those who have trade insurance covering default who have been instructed to continue working by their insurers until something is made official or their seven-day notice period (for non-payment) has expired.”

Hardy is also owner of League Two football club Notts County.

In a message to fans on the club’s website he said: “Further to recent speculation about the financial performance of Paragon Interiors Group PLC and any impact this may have on Notts County Football Club, I want to assure supporters that the club will not be affected.

“In the coming days I expect to receive a formal offer to purchase the club from an overseas consortium and more updates will follow in due course.

“In the meantime, I will continue to support the club as best I can while dealing with a very difficult and stressful situation at Paragon.

“Thank you for your continued support.”

Latest accounts for Paragon for the 15 months to June 310 2017 show the firm made a pre-tax profit of £131,000 from a turnover of £62m.

Paragon Interiors is nor related to Interserve company Paragon which continues to trade well.