South west construction giant Midas has gone into administration with the loss of hundreds of jobs in Devon and Cornwall.
According to Construction Enquirer, the news was confirmed to staff yesterday afternoon (Feb 8) by chief executive Alan Hope via Teams calls and email.
Administrators from Teneo are now in charge of the Exeter-based construction group and confirmed that all ongoing construction projects, including the Creative Cluster in Penzance, have been halted.
However, the property services division of the company, Mi-space, has been saved following its acquisition by Bell Group.
The deal to purchase the Mi-space business and certain of its assets out of administration secures economic activity valued at up to £20 million annually to the south west economy, significant supply chain links and indirect employment.
Mi-space has worked for many years in communities across the south west and Wales on a wide range of property improvement for such clients as the Cornwall Housing Association.
Craig Bell, Bell Group chief executive, said: “We are very pleased to have been able to complete this acquisition of Mi-space (UK) Ltd and to be protecting some of the jobs and a significant part of the Midas Group business.
“The expertise and enthusiasm within Mi-space (UK) Ltd is an excellent fit for Bell Group as we continue to grow our business based on true family values, excellent customer service and our support for our employees and for local communities.
“We look forward to welcoming the Mi-space team into Bell Group and we would also like to thank current Mi-space customers for working with us and helping us support local jobs and local supply chains.”