Midas is the latest in a long line of regional contractors to feel cash pinch

By Dave Rogers2022-02-11T07:00:00

Devon builder entering administration this week is a reminder of the perils smaller firms face

Two years ago, Glyn Mummery a partner at FRP Advisory, the firm handling the administrations of two of those casualties to hit the headlines in 2019 – Simons Group and Shaylor, which between them had accumulated 125 years of trading – told Building that modern-day collapses are almost always aided and abetted by the rumour mill.

“The speed of the rumour mill can be ferocious,” he said. “If there is a cash pinch and creditors go unpaid, people can start sharing information and the speed at which a business can decline is frightening.”

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