The Enquirer understands the bad news was confirmed to staff by chief executive Alan Hope and chairman Steve Hindley via teams calls and email on Tuesday afternoon.
Administrators from Teneon are now in charge of the construction group.
But the Mi-Space property services business has been sold to the Bell Group saving the jobs of 46 staff who have been TUPEd over.
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.”
Midas Group Chairman Hindley added: “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.”
Craig Bell, Bell Group Chief Executive, 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.”