Devon construction firm in administration
After 10 days of uncertainty, Exeter-based construction firm Midas has gone into administration.
More than 300 people have lost their jobs directly. Many others who rely on Midas for business could be at risk.
The company had seven offices in the south west and Wales and worked on large projects, including two hotels in Paignton, where work has come to a stop.
One part of the company, Mi-Space, a property business, has been acquired by a London company, saving around 50 jobs.
The covid pandemic led to some Midas' contracts being cancelled or postponed. Rising costs in the construction industry played a part too.
Richard Hawes, joint administrator from Teneo Financial Advisory Limited, said: "We are pleased that we have been able to deliver a sale of the group's property services division.
"However, this is a very challenging period for the group's stakeholders, and in particular its employees and sub-contract supplier base. Our immediate focus is on ensuring the impact on employees, creditors and customers is minimised."
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