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


Related Articles

MRI Software Acquires FSI

FSI is now officially operating under the MRI Software brand, after the business was acquired in August 2021. The combined team now provides an expanded offering, as a...

 Read Full Article
Incentive FM Acquired by Atalian Servest

Atalian Servest, one of the world’s largest facilities services providers, has acquired Incentive FM Group. The deal will allow Atalian Servest to expand its...

 Read Full Article
HqO Workplace Experience Platform Acquires Leesman

Leesman, the workplace experience assessment benchmark company, is to be acquired by HqO, the workplace experience platform. “This is a huge step for...

 Read Full Article
Merger of Atalian Servest and OCS Rumoured

A plan for private equity firm Clayton Dubilier & Rice to purchase and merge Atalian Servest and OCS has been reported. According to Sky News, Clayton Dubilier...

 Read Full Article
McColl’s Stores Sold to Morrisons

After being put into administration, McColl’s, the convenience store and newsagent chain, has been sold to supermarket group Morrisons. PwC were appointed as...

 Read Full Article
Mitie Acquires P2ML

Mitie has expanded its telecoms offering with the acquisition of P2ML. P2ML is a specialist telecoms tower design house, which will further expand Mitie’s...

 Read Full Article
Atlas FM Acquires Salisbury Group

With the addition of Salisbury, Atlas FM will be a £160 million turnover company that employs 8,500 people at over 6,000 sites around the country. The rationale...

 Read Full Article
BAM’s PPP Business Rebrands After 50% Sale

BAM Group’s public-private partnership projects business is changing its name to Invesis, following a change in the company’s ownership structure. Pension...

 Read Full Article
Blackstone in 'Largest Ever' Private Real Estate Transaction

Blackstone has recapitalised its logistics business in a €21 billion deal. Investors of Mileway, the European logistics arm of Blackstone, will be offered the...

 Read Full Article
Bristol Zoo Gardens to Close After 186 Years

One of the oldest zoos in the UK will close the doors of its 186-year-old site for good in September, with all its animals set to move to a new location. The Bristol...

 Read Full Article