The Staffordshire contractor went under after 20 years trading owing £4.8m to unsecured trade creditors.

Parry Bowen had been working on the Olympic village just prior to falling into administration in October laying off 150 staff.

The adminstrators’ report compiled by PwC lists almost 300 unsecured creditors.

It states: “In the year to June 2011 the company began to experience the downturn in the market, particularly in relation to profit levels resulting in a loss for the year.

“The key issue, however, was the extent to which the company experienced a cash outflow in the period mainly as a result in late or withheld payments from main contractors.

“Following a downturn in the market and difficulties arising on certain key contracts which had given rise to the company running out of cash, on October 24, 2011, the directors announced the closure of the company and an intention to appoint administrators.”

The firm’s contracts were estimated to have a book value of around £7m but only £300,000 to £900,000 is expected to be realised.

A creditors meeting will be held at 10am today at Fairlawns at Aldridge Hotel, in Walsall.