CONSTRUCTION firm Midas Group has gone into administration with the loss of local jobs among the 303 employees who were made redundant.

Teneo Financial Advisory Limited has been appointed as administrators and confirmed that all of Midas’

construction operations have stopped ‘with immediate effect’.

The group has offices at at Silverhills Road, Newton Abbot. It is not known how many jobs have been affected at the Newton Abbot branch.

Richard Hawes and Matt Smith, senior managing directors at Teneo Financial Advisory Limited (Teneo), have been appointed as joint administrators to Midas Group Limited and its subsidiaries (Midas Construction Limited, Midas Retail Limited, Mi-Space (UK) Limited, Mi-Space Property Services Limited, Midas Commercial Developments Limited and Falmouth Developments Limited).

Teneo put out a statement: ‘Founded in Devon in 1976, the Midas Group is one of the UK’s largest independent construction and property services providers.

‘The group delivered a complete range of construction related services, from seven regional offices across the South West and Wales, across numerous sectors including residential, leisure, education, industrial and healthcare.

‘Following a sales process led by Deloitte and Teneo ahead of the Administrators’ appointment, the Administrators have completed a sale of the group’s property services business to Bell Decorating Group Limited, preserving 46 jobs.

‘The Group’s construction operations have ceased with immediate effect and, with the exception of a small number of people retained to assist the administrators, the group’s remaining 303 employees have been made redundant.

Richard Hawes, joint administrator, said: ‘We are pleased that we have been able to deliver a sale of the group’s property services division.

‘However, this is a very challenging period for the group’s stakeholders, and in particular its employees and sub-contract supplier base.

‘Our immediate focus is on ensuring the impact on employees, creditors and customers is minimised.’

Stephen Hindley, the group chairman, said: ‘The disruption and supply chain inflation caused by the Covid-19 pandemic resulted in a number of critical contracts being postponed or cancelled. 

‘The resultant impact on the Group’s working capital led to severe liquidity pressure and meant the group was no longer able to operate.

‘It has been a great privilege to work with our many employees, suppliers and customers over the years and my heartfelt thanks goes to them for the tremendous support that they have given to the business.’