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Former staff at Midas Construction owed thousands of pounds for missing wages, holiday pay and pensions are sweating on whether administrators claw back money on contracts that were being carried out by the collapsed firm to see if they get any of their cash back.

In an update by administrator Teneo Financial Advisory, hundreds of ex-employees were told any payment depends on how much it rakes in on former contracts.

Midas Construction employees have submitted 219 claims totalling 拢392,000 while group employees have put in a further 48 claims totalling 拢185,000.

Both sets were told a dividend 鈥渕ay become available鈥� but this was 鈥渟olely dependent upon the ultimate asset realisations of amounts recoverable on contracts鈥�.

Former employees of maintenance firm Mi-Space, who have submitted 10 claims for a missing 拢13,000, have been warned there won鈥檛 be enough money to make any sort of payment.

HMRC, owed more than 拢5m by the three companies, has also been told it won鈥檛 see any of its money back either.

And close to 500 unsecured creditors have been told there is only a 鈥渞emote鈥� prospect of receiving any of their missing back as well. In total, the three firms 鈥� construction, group and Mi-Space 鈥� owed more than 拢55m between them.

Secured creditor Lloyds Bank has received its missing 拢1.3m in full, Teneo鈥檚 update added.

Exeter-based Midas, which was set up in 1976, sank into administration in February 2022.