Midas Group has filed a discover of its intention to nominate an administrator, Building Information can reveal.
The £290m-turnover firm filed the discover for itself and its predominant subsidiary Midas Building Restricted earlier this afternoon. Such a discover sometimes means an organization will formally appoint an administrator inside 10 days, except it could possibly discover an alternate monetary resolution to its issues first.
Concern for the corporate’s future mounted this week after experiences that work had halted on quite a few tasks. The corporate stated its tasks had been affected by the pandemic, Brexit, and labour and materials inflation and shortages. “We’re working carefully with all our stakeholders to resolve the state of affairs,” it stated in a press release issued this morning.
CN has spoken to quite a few subcontractors as we speak which are owed five-figure sums by the Exeter-based contractor.
Final 12 months the corporate reported a £2m pre-tax loss on revenue of £291.3m.
Singapore-based Perfume Group appointed Midas to construct two new accommodations on Paignton seafront in January 2020, however earlier this week expressed frustration on the lack of progress. A spokesperson for the group stated: “Over the previous three months, the Perfume Group has change into more and more involved by the very restricted progress on our two new Paignton seafront resort developments, situated on the neighbouring websites of the previous Park Lodge and Lighthouse membership.
“We’re in fixed discussions with the principle contractors and at the moment are reviewing our choices to finish the event of those accommodations.”
Torbay Council contracted Midas to construct a brand new resort in Torquay, which might be operated by Premier Inn. In response to reported issues on web site, a council spokesperson stated in a press release on Friday morning: “We’re working with Midas to determine any points that could be affecting the location and any required options.”
Midas works primarily within the industrial sector and in addition delivered jobs within the residential and training markets, with a lot of its work within the South West.
Midas Group has been contacted for remark.