Wood Newton put the finishing touches on the spectacular velodrome in December as one of a string of high-profile contracts but a year before the Olympic venue becomes one of the star attractions at the London 2012 Games, workers and community leaders were left shocked this week as the firm went into liquidation.

It was revealed yesterday that the Nottinghamshire-based company is now in 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."

As well as the velodrome, the company had been involved with other Olympic projects and found out in December that they had been selected for a second potentially lucrative contract from the Olympic Delivery Authority (ODA) to construct Eton Manor.

This scheme, involving one of the largest clear spanning timber structures in the UK, included a tennis centre and hockey pitch for London 2012 but the ODA have revealed plans are in place to ensure that there are no delays in completing the venues at Eton Manor.

"Wood Newton has been providing the timber structural and cladding works to the indoor tennis hall at Eton Manor," an ODA spokesperson told insidethegames.

"We are working with the principal contractor to ensure there is no impact on the delivery of the project."


Wood Newton's directors attended the official opening of the velodrome in February when four-time 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.

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."

Contact the writer of this story at [email protected]