Midas Group has entered administration, as administrators from Teneo take control of the company.

Teneo has successfully sold part of Midas’s Mi-space property services to Bell Group, an interiors and maintenance specialist which has resulted in 46 jobs being saved.

The rest of the group has gone into administration with 303 people made redundant.

Midas chair Stephen Hindley said the group had been brought down by the postponement or delay to contracts amid the COVID pandemic. “The resultant impact on the group’s working capital led to severe liquidity pressure and meant the group was no longer able to operate,” he added.

Joint administrator Richard Hawes 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 subcontract supplier base. Our immediate focus is on ensuring the impact on employees, creditors and customers is minimised.”

Bell Group chief executive Craig Bell 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.”

Midas reported its first loss in 40 years of trading last year. The Exeter-headquartered company worked primarily in the residential, commercial and public sector building markets in the South West.

Have you been impacted by the Midas failing?

FIS is keen to hear from any companies impacted by the Midas failing to see if there is potential to look at a collective response to the administrators.  If you are impacted, email iainmcilwee@thefis.org