Privately owned construction group Midas has restructured and rebranded its business with the aim of increasing its turnover by 50% in the next three years.

Midas, which has a turnover in the region of £200m, wants to increase this to £300m by 2010.

It has reorganised its group into five main trading companies: Midas Construction, Midas Retail, Midas Interiors (formerly Midas Property Services), Midas Developments and a new affordable housing business, yet to be named.

The affordable housing business, which has been formed to capitalise on growth in the social housing sector, will be led by Andy Johnston.

Midas Construction, the group’s largest business, will be led by Murdo Mace and Paul McLaughlin, who have been appointed executive directors.

Alan Hope, Midas’ chief executive, said: “The changes we have made signal our intentions to become one of the largest and most successful construction businesses in the UK, and a major regional and national force in the sector.”

He added that the company was looking to build on its core business areas, including construction, and to exploit opportunities for growth in retail, interior fit-out and affordable housing.

Retail has been the company’s fastest growing area over the past two years. The company carries out refurbishments, extensions and new-build projects.

Postscript

The story of Midas’growth can be seen at www.building.co.uk/archive