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Around 300 employees of collapsed contractor Midas are owed more than 拢4.5m, an update by administrator Teneo Financial Advisory has revealed.

In documents filed at Companies House, 239 employees of Midas Construction are owed 拢3.2m while a further 61 employees at parent Midas Group are out of pocket by 拢1.4m. It means each employee is owed an average of 拢15,333.

The update adds there is a 拢4m deficit in the Midas Group pension scheme while the report for Midas Construction shows it owes its parent a further 拢5m.

And the scale of the losses facing hundreds of unsecured suppliers of Midas Construction is laid bare with the amount owed, including the 拢5m to Midas Group and the 拢3.2m to employees, topping 拢51m. Several firms are owed north of 拢100,000.

But Teneo warned the amount available to unsecured creditors of Midas Construction currently stands at just 拢3.4m.

The report for Midas Group said unsecured creditors, including employees, are owed 拢7.3m with the amount available to this group currently standing at nil.

Exeter-based Midas sank into administration in February with administrators saying the firm, which was set up in 1976, suffering a 鈥渞apid deterioration in trade from November 2021 to January [this year] as the group was unable to pay subcontractors to complete ongoing works鈥�.

In an earlier report, Teneo said Midas, which employed 365 people at the time of its failure, had a provisional turnover of 拢223m in the year to last October 鈥� down from the 拢259m it reported in its last 12 month reporting period for the year to April 2019.

It added: 鈥淭he business was severely impacted by the pandemic during FY20 which resulted in periods of closure for the business and adjusted operating conditions upon re-opening.

鈥淭he group also faced inflationary pressures within its cost base, including higher labour and material costs.鈥�

Its 拢34m turnover property arm Mi-Space was sold to Bell Group for a knockdown 拢230,000 in a pre-pack sale.