Figure Exeter-based business had left firms out of pocket by was initially put at 拢22.5m

The amount owed to unsecured creditors following last year鈥檚 collapse of Midas has topped 拢87m, nearly four times the estimated original figure, an update from the administrator has revealed.

More than 700 claims have been made by unsecured creditors totalling 拢87.1m with 355 claims made against Midas Construction totalling 拢45m.

A further 335 claims have been made against Mi-Space, the collapsed firm鈥檚 property business, totalling 拢42m.

Midas7

Midas sites were shut overnight when it sank into administration last February

Administrator Teneo Financial Advisory had originally estimated the cost of last February鈥檚 collapse to be 拢22.5m before it was later revised upwards last spring to 拢51m.

But the latest update, now filed at Companies House, shows the financial scale of the implosion with the new figure a rise of 71% on the previous number.

Unsecured creditors have been told to forget about getting any of their missing money back while HMRC has also been told that 拢5.1m it says it is due will not be paid in full.

And 219 employees of Midas Construction, owed a total of 拢392,000 between them, are sweating on a decision over their missing money. The report said payment was 鈥渟olely dependent upon [contract] asset realisations鈥�.

Secured creditor Lloyds Bank has been repaid its missing 拢1.4m while Teneo said it had has now sold two of Midas鈥檚 properties in Newton Abbot and Newport for a total of 拢1.9m.

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