A NEWPORT steel firm firm that built the roof of the Olympic Aquatic centre collapsed with debts of £24 million, documents reveal.

A creditors’ report into Rowecord drawn up by administrators Grant Thornton, said one Pontypool firm, which deals with industrial roofing, is owed more than £700,000.

Despite interest from three parties no one has made an offer for the firm weeks before administrators Grant Thornton want to auction off the company’s equipment.

One creditor had threatened to issue a winding up petition against the firm before it went into administration in April, with the loss of 430 jobs.

According to the report Rowecord Engineering Ltd owed subcontractors £10 million and trade creditors £5.4 million.

It also owed £4.4 million in outstanding employees' income tax, national insurance contributions and VAT.

A total of £2.8 million was owed in employees notice and redundancy.

Among the creditors are a number of firms in Gwent, some of whom are owed tens of thousands of pounds.

Abercald Industrial Roofing of Pontypool, which was a subcontractor for Rowecord, is owed £783,130.

The company did not want to comment yesterday.

Three parties had contacted administrators who expressed an interest in continuing the business but Grant Thornton is yet to receive any offers, the report said.

Administrators are planning to auction Rowecord's plant, machinery and vehicles unless an acceptable offer is received and agreed by July 2.

The report, which has been filed with Companies House, said Grant Thornton was approached by the directors of Rowecord on March 6 to give advice on the company's insolvency options.

Rowecord's financial viability had suffered due to disputes on its contracts, a reduction in its order book and overruns on several major engineering projects and the economic climate.