Construction giant Midas confirms intentions to appoint administrator after tumultuous year
Construction titan Midas has confirmed it is planning to appoint an administrator after the firm experienced financial woes in the past year.
The Devon-based firm filed a £2m loss last year, marking its first deficit in 40 years of trading.
Rival firms have reportedly approached Midas about a possible rescue deal, according to trade publication the Construction Enquirer.
After a flurry of media speculation over the weekend, in a statement on Monday, Midas confirmed the company filed notices of intention to appoint an administrator on Friday 28 January.
The notices were in respect of Midas Group, Midas Construction Ltd and Mi-Space (UK) Ltd.
The statement continued: “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.”
Three hotel projects were hit by delays while subcontractors stopped work at another site under construction amid a payment dispute.
The construction firm said project delivery and timescales had been hit by “issues relating to Brexit, Covid, ongoing shortages of materials and labour, and significant cost inflation.”