The Enquirer understands rivals have been approached about rescue deals as Midas battles a cash flow crisis.
Midas filed a notice of intention to appoint an administrator on Friday.
One rival contractor said: “We’ve had a look at parts of the business but decided its not for us.”
Midas has still been winning work recently despite its supply chain problems.
The contractor picked-up a £23m new warehouse contract for tool giant Stihl last month and also landed places on three lots on the £5bn residential Southern Construction Framework.
Midas said: “As has been well documented, there have been issues relating to the Covid pandemic, ongoing shortages of materials and labour, and significant cost inflation, which are providing challenges in the construction sector and across the UK economy, which have had a direct impact on Midas’s own operations.
“Over recent weeks we have been working closely with all our stakeholders to attempt to resolve the situation and are continuing to do so.
“On Friday January 28, 2022, the company filed notices of intention to appoint an administrator in respect of Midas Group, Midas Construction Ltd and Mi-Space (UK) Ltd.
“This does not mean that Midas has entered into administration and the company continues to operate, while the Directors work to explore all available options to achieve the best outcome for the business and our people, our customers, supply chain partners and all our stakeholders.
“Midas is committed to pursuing an outcome that will achieve continuity for our live contracts and asks all our valued stakeholders to remain supportive of the Group at this time.”
Latest results filed for Midas Group saw the contractor post its first ever loss in more than 40 years of trading.
Turnover for the 18-month period to 30th October 2020 fell to £291.3m resulting in a pre-tax loss of £2.4m while the company employed 498 staff.
