The fall of South West construction giant Midas is being blamed on the Covid pandemic, inflation, loss of contracts, uncollected debts and ultimately the firm’s inability to pay its subcontractors.
A report by administrators for the stricken Exeter-headquartered company reveals attempts were made to save the business but three offers to buy the floundering firm fell through.
The coup de grâce came when Lloyds Bank pulled Midas’ £5m overdraft facility, pitching the group into administration with debts of more than £22m and the loss of more than 300 jobs.
