Rival contractors run rule over stricken Midas

Grant Prior 3 years ago
Share

Rival contractors have been running the rule over stricken Midas.

The Enquirer understands rivals have been approached about rescue deals as Midas battles a cash flow crisis.

Work has ground to a halt on three Midas hotel jobs in Devon while subcontractors have walked off another site in Somerset following a payment row.

Midas filed a notice of intention to appoint an administrator on Friday.

One rival contractor said: “We’ve  had a look at parts of the business but decided its not for us.”

Midas has still been winning work recently despite its supply chain problems.

The contractor picked-up a £23m new warehouse contract for tool giant Stihl last month and also landed places on three lots on the £5bn residential Southern Construction Framework.

Midas said: “As has been well documented, there have been issues relating to the Covid pandemic, ongoing shortages of materials and labour, and significant cost inflation, which are providing challenges in the construction sector and across the UK economy, which have had a direct impact on Midas’s own operations.

“Over recent weeks we have been working closely with all our stakeholders to attempt to resolve the situation and are continuing to do so.

“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.”

Latest results filed for Midas Group saw the contractor post its first ever loss in more than 40 years of trading.

Turnover for the 18-month period to 30th October 2020 fell to £291.3m resulting in a pre-tax loss of £2.4m while the company employed 498 staff.

Latest news

Morgan Sindall lands £20m Brunswick Wharf scheme in Bideford

North Devon waterside project will provide 100 flats
11 hours ago

New BAM leisure centre pool springs a leak

Contractor investigating "technical issues" delaying new £36m green leisure centre
14 hours ago

Green light for £150m West End office revamp

Shaftesbury Avenue office retrofit retains 75% of original building
19 hours ago

Former Keltbray managers jailed after corruption trial

Jail sentences following bribery probe on jobs including Battersea Power Station
1 day ago

Lidl pumps £500m into store and logistics expansion

Discounter plans 40 new stores this year as expansion ramps up
20 hours ago

JJ Rhatigan UK profit jumps as turnover tops £150m

Irish contractor's expansion in England gathers pace
20 hours ago

Driverless digger to be used on Taylor Woodrow site

Autonomous excavator to work at Manchester Airport after successful trial
20 hours ago

MCS Build lands Basingstoke warehouse scheme

Construction starts this month after £26m funding deal
20 hours ago

Leeds United unveil stadium revamp design

Club has still to set a timeframe for staged Elland Road upgrade
1 day ago

Bowmer & Kirkland boosts margins as profits surge to £69m

Revenue nudges up towards £1.3bn in year of expansion
2 days ago

Offshore construction starts on £4bn windfarm

Foundations for first of 95 turbines installed: Watch video
2 days ago

AECOM buys civils consultant Allen Gordon

Global giant acquires Scottish water and energy specialist
2 days ago

Plans in for £1bn Northern Gateway site in Manchester

Plan for 500-acre manufacturing and logistic park advance
2 days ago

RED wins £31m London Shoreditch student digs job

Two extra floors will be added to Willen House scheme
2 days ago

Deconstruct handed £12m Grenfell demolition

Firm maintaining building awarded job without bid race to speed process
2 days ago

Sizewell site workers get made to measure PPE

Bespoke fitting service on offer at new Bryson branch
2 days ago

Comment: Gateway is acting like a barricade

Contractors left banging their heads on an (unbuilt) brick wall
5 days ago

Final phase of £1.5bn Elephant and Castle revamp hits planning

Get Living submits revised plan for 500 homes and 450-bed student block
6 days ago

Ealing backs final phase of £1.3bn estate rebuild

Friary Park estate rebuild in Acton reaches end stage
5 days ago

Green light for scaled-down Nottingham student tower

Glasshouse Street scheme will deliver 247 student rooms
5 days ago

Aston Villa to revamp North Stand

Club to reuse existing structure rather than complete rebuild
6 days ago

Mace signs ex-ISG director to lead Euro health and tech push

Gary Sweeney to head up healthcare and life sciences consultancy arm
5 days ago

Sir Robert McAlpine claws way back into profit

Firm says return to profit and strong cash balance validates new strategy
6 days ago

Severfield to cut staff by 6% amid pricing pressure

Steelwork contractor warns of extended tighter pricing due to project delays
6 days ago

JRL completes sale of 50% stake to Malaysian giant IJM

Deal boosts balance sheet and kicks starts growth plan
6 days ago

Green light for £100m Liverpool Baltic station build

Enabling highway works to start in the autumn
7 days ago

First live tests for flying construction robots

Drones can lay construction materials at height on site
6 days ago

Three firms land £170m Gentoo Sunderland housing deal

PHS Solutions, Esh and RE:GEN to deliver 10-year home upgrade plan
7 days ago

Gateway gridlock hits build-to-rent delivery as starts nosedive

Build to rent starts plunge 18% in the capital
7 days ago

Call to shift Gateway 2 checks to end building bottleneck

"The current system isn't working but we all want to see safe buildings"
7 days ago

Contractor services