A boss at collapsed South West construction giant Midas Group Plc was paid more than half a million pounds while the company was making huge losses, it has emerged.
Accounts for the stricken firm, which is now in administration with the loss of 303 jobs, show the highest paid director trousered £504,000 in the 18 months to the end of October 2020. This sum does not include pension contributions so it is likely the director benefited further. The payment was made in the same 18 months when the company made an after-tax loss of more than £2m.
The highest paid director also pocketed £443,000 in 2019, the group’s annual report and financial statements reveal. In total, directors were paid £1,869,000 during the 18 months to the end of October 2020, with £53,000 paid in pension contributions.
