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.
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.
“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.