An administrator’s report filed at Companies House yesterday details page after page of supply chain companies owed cash by the failed construction group.
And administrator Teneon said suppliers are unlikely to receive a penny after Midas crashed with a mountain of debt.
The report stated: “On present information it is unlikely that sufficient funds will be realised to enable a distribution to be made to unsecured creditors.”
Teneon took control of the business earlier this month making 303 staff redundant.
The only division saved was the Mi-Space property services business which was sold to the Bell Group for £230,000.
Teneon said the £223m turnover group was hit hard by the pandemic and rising material and labour costs.
It added: “The group suffered a rapid deterioration in trade from November 2021 to January 2022 as the group was unable to pay subcontractors to complete ongoing works.”
Subcontractors first contacted the Enquirer over payment issues late last year but Midas denied it had any financial problems.