A COMPANY in the Middle East has bought up machinery owned by the collapsed Newport firm which built the roof for the Olympic Aquatic Centre, the Argus can reveal.

A source close to the firm say that the company which bought the plant and machinery owned by steel fabrication and bridge-building firm Rowecord Engineering Ltd at auction is based in Saudi Arabia.

There has been speculation that the buyer could restart work at the site pending an agreement with Rowecord Engineering's parent company.

Although Rowecord Engineering Ltd went into administration, parent firm Rowecord Holdings did not and owns the property that Rowecord Engineering operates from.

Currently little is being said publicly about the deal, with the identity of the buyer yet to be revealed.

However a source, not authorised to speak to the press on the matter, told the Argus that the company is based in Saudi Arabia.

Rowecord Engineering collapsed in April owing £24 million and making 430 people redundant. It is expected to be liquidated.

Andrew Hoppe, who was a director at Rowecord Engineering and is listed as a director of Rowecord Holdings, said he was unable to comment on who had bought the kit and their intentions.

The Argus has been unable to establish the identity of the buyer with administrators Grant Thornton, based in Cardiff.

However the firm's Stephen Hall told the Argus earlier this month that the buyer could open a business at Rowecord if they wished, but would have to do a deal with the parent firm.

He said that the administrators were not in discussion with the buyer.

Workers at Rowecord Engineering are working on one final project for the British Museum which is due to come to a close at the end of the month.