Firm confirms it filed notice of intention to appoint an administrator last week

Midas has confirmed it has filed a notice of intention to appoint an administrator – but said it was looking to save the business from collapse.

The Exeter-based contractor, set up in 1976, said it had filed the notice on Friday for Midas Group, Midas Construction and Mi-Space (UK), its property maintenance business.

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Midas businesses affected by the notice include proerty maintenance arm Mi-Space

But it added: “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.”

In its last set of accounts, Midas Group had a turnover of £291m and made a pre-tax loss of £2.4m in the 18 months to October 2020.

Its biggest business, Midas Construction, had a turnover of £261m and a pre-tax loss of £650,000 in the 18 months to October 2020. Mi-space (UK) reported a £1.3m pre-tax loss on turnover of £33.6m in the same period.

Last week concerns surfaced about the future of the firm with work on a number of projects, including three hotel jobs in Devon, grinding to a halt.

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