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    United Business OutlookUnited Business Outlook
    Home»Business»Construction Giant Midas Goes Into Administration With 300 Jobs Lost

    Construction Giant Midas Goes Into Administration With 300 Jobs Lost

    The company is unable to recover from the pressures put on by the coronavirus outbreak.
    Aditi GuptaBy Aditi Gupta2 Mins Read Business February 11, 2022
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    Construction giant Midas goes into administration with 300 jobs lost
    Representative image. (Source: Pixabay)
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    More than 300 people lost their jobs after one of the UK’s major construction and property service enterprises went out of business.

    Midas Group Limited hired administrators and has seven offices in southwest England and Wales.

    Schools, homes, hotels, and warehouses are among the group’s ongoing projects.

    The company is unable to recover from the pressures put on by the coronavirus outbreak.

    Representative image. (Source: Pixabay)

    The ongoing pandemic has caused a major disruption in the supply chain market. As a result, causing inflation in everyday goods.

    “A number of important contracts are delayed or abandoned. It has been a wonderful honor to work with our many workers, suppliers, and customers over the years”, reported Stephen Hindley.

    ‘Difficult period’

    Mi-Space, a property services company sold off, maintaining 46 jobs.
    While 303 construction workers lost jobs in a massive number.
    Established in 1976 in Devon, Midas is executing projects in the residential, recreational, education, industrial, and healthcare sectors.
    They hired Brady Construction Services to finish the £30 million project.

    “It’s been a complete disaster. However, in order to keep our businesses afloat, some people are refinancing their homes.”

    Brady Construction Services’ managing director, Jim Brady, stated his company shared numerous subcontractors with Midas.

    “By April, we should be back up and operating in full force,” he said.

    “We’ll be in a good spot, which as a result, our numbers will be back to where they were. When Midas was at its peak.”

    Torbay and Cornwall councils have stated that they have a number of ongoing contracts with Midas.

    It was “a major shock to the building industry and the South West economy,” according to Tim Jones, head of the South West Business Council.

    “If you look at that, it’s almost certainly double, if not triple the number of direct employees,” he remarked.

    That is the impact with which we are most concerned. In this scenario, many employees are no longer compensated.

    Business Businessnews Construction Midas news Retail-estate UK
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    Aditi Gupta

    A writer and a photography enthusiast, with a zest for reading and traveling. Wants to bring change to the world, and when not editing, she spends her time on the guitar.

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