Midas Technologies (GB) Limited (04084781): administration
- Status
- Administration ended
- Administration began
- 2013-02-25
- Administrators' firm
- Baker Tilly Restructuring and Recovery
- Incorporated
- 2000-10-05
- Location
- Bury St Edmunds
- Industry
- 25290 Manufacture of other tanks, reservoirs and containers of metal
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 5 October 2000 following the purchase of the business and assets of Midas Engineering Limited (in Liquidation) The Company designed, manufactured and installed bespoke metal and glass products for both large corporate contracts and individual clients.
The Company was managed by the directors, Mark Lock, David Bennett and Chris Marvel and employed a further 20 members of staff.
The Company traded profitably for many years, however in the year ended 30 September 2012, the Company suffered from an estimated c£220,000 loss in revenue following the refusal of two large customers to pay full value for works completed by the Company. This led directly to accounting losses in the year of c£86,000. Had the full payment been received on the above two contracts, it 1s expected that the Company would have made a profit during this period.
Administrators' statement of proposals (2013-04-22) · Companies House register