Hundreds of jobs lost as Midas shuts down

One of the UK's largest construction and property service firms has gone out of business, with more than 300 employees losing their jobs.

Midas Group Limited has seven offices across south-west England and Wales and has appointed administrators.

The group has a number of ongoing projects including schools, homes, hotels and warehouses.

It said the business could not recover from pressures brought on during the coronavirus pandemic.

Stephen Hindley, group chairman, said: "The disruption and supply chain inflation caused by the Covid-19 pandemic resulted in a number of critical contracts being postponed or cancelled.

"It has been a great privilege to work with our many employees, suppliers and customers over the years and my heartfelt thanks goes to them for the tremendous support that they have given to the business."

The property services business, Mi-Space has been sold, retaining 46 jobs, but 303 people employed in construction have immediately lost their jobs.

Midas was founded in Devon in 1976, and has completed projects in sectors including residential, leisure, education, industrial and healthcare.

Its current projects include a contract with Torbay Council to build an £11m Premier Inn, a £1.9m project at Pennoweth Primary School in Redruth and a £6.3m education centre in Bodmin, both in Cornwall.

It is unclear what will happen to these projects.

Richard Hawes, joint administrator from Teneo Financial Advisory Limited, said: "We are pleased that we have been able to deliver a sale of the group's property services division.

"However, this is a very challenging period for the group's stakeholders, and in particular its employees and sub-contract supplier base. Our immediate focus is on ensuring the impact on employees, creditors and customers is minimised."

The company, which has offices in Indian Queens, Exeter, Newton Abbot and Bristol, lost more than £2m in the last financial year.