The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

Midas Group Appoints Administrators

Midas Group Appoints Administrators
09 February 2022
 

Midas Group, one of England's largest privately-owned construction and property service companies, is to cease trading.

The company filed an administration notice in late January 2022, after reporting £2 million of losses in the last financial year.

The group has seven offices and has current contracts with Torbay Council, Teignbridge District Council and Cornwall Council.

Midas is also the ninth largest private sector firm in the southwest with a turnover of £291 million and 498 direct employees (not including subcontractors).

 

Southwest Liberal Democrat Leaders Urged Government to Step in

 

Council leaders in the Southwest had attempted to call on Michael Gove, the Secretary of State for Levelling up, Housing and Communities, to support the Midas group.

In a letter to Michael Gove, the signatories, including Councillor Steve Darling, Liberal Democrat leader of Torbay Council, asked the government to step in, citing the millions that are owed to subcontractors and the impact on thousands of jobs and businesses in the southwest.

Steve Darling said:  'If the government is serious about their levelling up agenda, then the Secretary of State must step in to stop this engine of regeneration from collapsing and sending the South West's economy in to reverse.'

 

Property Services Division to be Sold

 

Mi-space (UK) Ltd, the property services division of the Midas Group, will be acquired by Bell Group, a UK-based building maintenance contractor, protecting an estimated 110 jobs.

Group Chair Stephen Hindley told the BBC: "The disruption and supply chain inflation caused by the COVID-19 pandemic resulted in a number of critical contracts being postponed or cancelled.”

"It has been a great privilege to work with our many employees, suppliers and customers over the years and my heartfelt thanks goes to them for the tremendous support that they have given to the business."

Picture: Image Credit: Unsplash

Article written by Ella Tansley | Published 09 February 2022

Share



Related Articles

Nirvana Group Holdings Acquires Nirvana Maintenance and Urban Maintenance Group

Nirvana Group Holdings (NGH) has acquired Nirvana Maintenance and Urban Maintenance Group, to continue its expansion into the North West. Nirvana Maintenance provides...

 Read Full Article
CHAS Acquired by Veriforce

CHAS 2013 Ltd, the provider of compliance and risk management solutions, is to be acquired by supply chain risk company Veriforce for an undisclosed fee. Established...

 Read Full Article
Imtech Sells Irish Subsidiary Suir Engineering

Imtech has signed an agreement to sell Suir Engineering to private equity investor Duke Street. Technical services provider Imtech, which is jointly owned by Dalkia...

 Read Full Article
Cleanology Acquires TC Bibby

Commercial cleaning firm Cleanology has acquired one of the biggest cleaning contractors in the North West, TC Bibby & Sons. Based in Wigan, TC Bibby & Sons...

 Read Full Article
Infogrid Acquires Aquicore to Strengthen ESG Reporting Offering 

UK smart building technology firm Infogrid has announced the acquisition of Aquicore, an ESG data and analytics company. The acquisition will merge...

 Read Full Article
CMD Acquired by Rubicon Partners

CMD Ltd, the UK manufacturer of power distribution systems for commercial environments, is to be acquired by Rubicon Partners. Rubicon Partners is a London-based...

 Read Full Article
Atlas FM Acquires City West Support Services

City West Support Services, the London-based cleaning company, is to be acquired by Atlas FM. Atlas FM, which purchased Salisbury Group in March 2022, is looking...

 Read Full Article
ISS Acquires Livit FM Services AG

ISS has announced its acquisition of Livit FM Services AG in Switzerland from its parent company Livit AG. Expected to complete in Q1 2023, the deal will expand...

 Read Full Article
PPSPower Group Reveals New Growth Plan

After 2022’s restructuring, YorPower, PPSPower, Glenace and Generator Warehouse are now operating from a single headquarters in West Yorkshire. In June 2022,...

 Read Full Article
Apleona Completes Trio of FM Acquisitions With Dublin’s Acacia

Apleona has acquired one of the top three integrated facilities management companies in Ireland, Acacia. The global Apleona Group signed the agreement on 14 October...

 Read Full Article