Electrical company Phoenix says it knows the source of some of the false claims and may take action.
Wembley stadium subcontractor Phoenix Electrical has strongly denied claims that it is in financial difficulties.
The company said that it had been inundated with calls seeking reassurance on the issue and blamed the problem on malicious rumour mongers.
Brian Ingram, joint managing director of Phoenix, said that he had been taking calls from clients, suppliers and main contractors worried about whether the firm would be able to pay its bills. He said that over the past few weeks he had received calls claiming that Phoenix had been sold for £1, been put into administration, or was in so much trouble that it had been bought by Wembley’s main contractor Multiplex. He said none of these claims were true.
Ingram said he wanted to make it clear that there was no substance to the rumours. He said: “This is a serious business issue. It is beginning to cost us and we believe that we have lost some major jobs because of it.” He added that he had held a meeting with Multiplex to reassure it that the company was healthy. He said: “I have received a letter from the project director Ashley Muldoon that said that we could refer any worried parties to him for reassurance that Phoenix is okay and trading fairly.”
Ingram would not be drawn on the origin of the rumours but it is understood that he knows where they are coming from and is contemplating writing to the source.
Ingram said Phoenix was going from “strength to strength” on the Wembley project. He said: “I’m fed up with all the negative press this project gets. It’s going to be an amazing stadium. We have completed more than half of our contract.” He added that so far his firm, which has 200 workers on the project, had completed 10 out of the 15 electrical transformers needed for the site.
A source close to the Wembley project said it was not clear where the rumours had started but fingers were being pointed at rival contractors . The source said: “There is no hard evidence that any one contractor is spreading rumours about Phoenix but there is a strong indication, at the very least, that the rival firms are making ground when bidding for projects against Phoenix.”