Firm collapsed earlier this year owing more than 拢22m
Unsecured creditors of collapsed contractor Midas have been told they won鈥檛 be getting any of the money they are owed back.
In an update by administrator Teneo Financial Advisory, firms were warned it was 鈥渦nlikely that sufficient funds will be realised to enable a distribution to be made鈥�.
Exeter-based Midas sank into administration earlier this year owing unsecured creditors 拢22.5m 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�.
An administrators鈥� report earlier this year showed nearly 40 firms are owed at least six figures by the collapsed firm 鈥� with one contractor looking at a black hole in its accounts of more than 拢600,000. Nearly 1,800 firms unsecured firms have been left with nothing.
A progress report filed at Companies House last week said the firm鈥檚 Newton Abbot office had been sold with the figure thought be around 拢1m. Teneo is hoping that a second office in Newport will fetch in excess of 拢1m.
Teneo has previously said Midas collapsed after being impacted by the pandemic as well as higher labour and material costs.鈥�
It said delays on jobs meant that in the year to last October it suffered 鈥渟ignificant working capital and cash challenges鈥�.
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