A Devon office building owned by South West construction giant Midas has been sold for £1m but the proceeds will only make a small dent in the £70m owed from the firm’s collapse. The former Midas offices in Newton Abbot have been acquired by business accountancy and tax firm Marsland Nash Associates.
Exeter-headquartered Midas Group and its subsidiaries Midas Construction, Midas Retail, Mi-Space (UK), Mi-Space Property Services, Midas Commercial Developments and Falmouth Developments all fell into administration in January 2022 blaming a toxic cocktail of Covid, inflation, money owed to them but not paid, and cash flow problems for causing a financial doomsday. Midas’ Newton Abbot building, along with another Midas block in Newport, were listed as assets by administrators at global business advisory firm Teneo Financial Advisory. They are worth a combined £2.7m and are being sold to pay millions of pounds of debts.
Meanwhile, the detached, two-storey Exeter building formerly known as Midas House is still on the market for a new tenant. It was not owned by any of the Midas group of companies and so any income from a new lease will not go to administrators dealing with claims from nearly 2,000 creditors.
