The Bristol based construction company Midas Group has gone into administration.
The Midas Group is one of the UK’s largest independent construction and property services companies. Over 45 years in the company has delivered developments across the South, South West, Midlands and Wales. In December last year it announced it had been appointed to build a new warehouse and GB headquarters in Camberley, Surrey. for leading global power tools company STIHL.
In the company’s last published accounts, for the 18-month period to 31 October 202, turnover was more than £291 million, with mosses of more than £2 million.
Midas issued a statement last week: “On Friday January 28, 2022, the company filed notices of intention to appoint an administrator in respect of Midas Group, Midas Construction Ltd and Mi-Space (UK) Ltd.
“This does not mean that Midas has entered into administration and the company continues to operate, while the directors work to explore all available options to achieve the best outcome for the business and our people, our customers, supply chain partners and all our stakeholders.
“Midas is committed to pursuing an outcome that will achieve continuity for our live contracts and asks all our valued stakeholders to remain supportive of the group at this time.”
Midas Construction is the largest business in the group and reported a turnover for the period of £260.8M and a loss before tax of £0.65M. Mi-space (UK) Ltd reported a turnover of £33.6M, and a loss before tax of £1.3M. This business, which predominantly provides property maintenance to occupied properties, was significantly impacted by Covid with many projects put on hold. Midas Commercial Developments also struggled, reporting a turnover for the period of £1.6 million and a loss before tax of £0.5M.