Too Big To Fail – Olympus Pools Implodes

We first began writing about Olympus Pools back in April of this year after investigative reports broke news that the Land O’ Lakes pool builder was in deep trouble. Allegations of unfinished pools, unpaid subcontractors and distributors and a long list of angry customers put Olympus in the spotlight and for all the wrong reasons.

In the past few months we have had numerous interactions with owner James Staten, James Judge (a PR representative Staten hired to represent Olympus a few months ago), and Jordan Hidalgo, a well known pool builder who had supposedly partnered with Olympus Pools to salvage the ongoing projects they had, as well as the firms battered reputation.

In late May, Olympus Pools had released a press release stating that Jordan Hidalgo, a well respected figure in the pool and spa industry would be taking on co-ownership of Olympus Pools.

However, this week after rumors began circulating about impending foreclosures on homeowners as well as another major blow due to unpaid workers compensation insurance causing a work shut down, Hidalgo released this statement to the media.

“During our due diligence period, it became apparent that the company was not in the same position as it appeared originally,” Hidalgo said a statement on Tuesday. “As a result, I have decided to cut my losses and am walking away from the opportunity. I am hoping the best for Olympus Pools and their customers.”

We reached out to Staten’s PR representative James Judge to get a comment to which he replied “We actually no longer represent Olympus Pools”. His leaving directly coincided with Hidalgo’s announcement.

James Staten responded to Hidalgo’s departure to investigative journalist Shannon Behnken in an email contradicting Hidalgo’s version of the story. Staten stated that Hidalgo was “never able to ‘buy’ even a portion of Olympus,” and said that, “there has been no ‘due diligence period’ and Mr. Hidalgo has failed to perform even his most basic obligations.”

We touched base with Hidalgo this week to get his side of the story to which he replied, “That is an absolute lie. I tried to be classy about this entire thing but I can see he (Staten) is not going to let that happen. There is more information coming out in the media, just wait.” To which Hidalgo eluded that this week there would be a major announcement coming.

Olympus Pools is Out of Business

This morning Olympus Pools officially announced that they will be shutting down operations after the Department of Business and Professional Regulation asked them to surrender their license. This effectively means that Olympus Pools will be unable to continue working on any current projects they have contracted for.

“Over the last several months at Olympus Pools, we have endured constant negative media coverage encouraging viewers to file complaints with Florida’s Department of Business and Professional Regulation. As a result, the DBPR has forced us to voluntarily relinquish our license. This means we are no longer allowed to continue working for any of our customers. We have fought hard and would have continued to do so for as long it took to complete every project.”

“Although we are greatly disappointed in the decision, we understand the pressure that has been placed on the Department to act. We do not feel the decision is beneficial to our community or our customers, however, it was not our decision to make. If it were up to us, we would continue working for our customers.”

“We have enjoyed servicing the Tampa Bay area for close to 10 years. We are proud of the thousands of projects we have built and the work we have done for our community in that time. We are grateful for all of the support the vast majority of our former customers, employees, friends, family, and neighbors have shown us during this time.”

Sources close to the organization disclosed to Pool Magazine that Olympus Pools currently has hundreds of ongoing pool construction projects and anywhere from 50-100 open holes in the ground.

It is expected that a variety of agencies will now descend to perform a collection of assets however, the south showroom for Olympus Pools has been completely emptied out according to a source close to Pool Magazine. How this bodes for the unlucky homeowners who entrusted Olympus Pools with their swimming pool projects remains to be seen, however already many have begun to receive lien and foreclosure notices on their homes.

Featured Photo Credits: WFLA