Building contractors are refusing to put in bids for venues at the Olympic Park because the projects carry too much risk and too little profit. The Times.
Wates and Kier, two of the biggest construction companies in the country, have decided not to bid for any of the contracts. Meanwhile, the Olympic stadium and the aquatic centre have attracted just one bid each.
The Olympic Delivery Authority had expected thousands of companies to show interest in contracts. But the construction industry is thriving and the biggest companies are concerned about the risks to their reputations and the bureaucracy involved. They have been put off by prominent troubled projects such as the Wembley and Cardiff stadiums, which were built well over budget at the contractors’ expense.
Building contractors are also reluctant to devote time and resources to a one-off project in East London that will have no continuity.