THE main contractor responsible for building Watchet’s recently-opened £7 million East Quay community development this week confirmed that it has filed a notice of its intention to appoint an administrator.
Midas Construction, part of the Exeter-based Midas group, was chosen to build the futuristic Watchet project in November 2019. The work was delayed by Covid lockdowns but was finally completed last autumn.
The £290 million turnover company last year reported a £2 million pre-tax loss - its first in 40 years of trading.
Midas has now confirmed its intention to appoint an administrator - a process which can save a firm from liquidation and halts pending creditor action.
A spokesman said: "The company has filed notices of intention to appoint an administrator. 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 obtain the best outcome for the business and our people, our customers, the supply chain and our stakeholders."
Yesterday (Thursday) a spokesperson for East Quay operators the Onion Collective, told the Free Press: "We will be working with our team and the administrators when they are appointed, to make sure that any required snagging or defects are carried out at East Quay.
"As with most building contracts, we hold a retention which can be used to enable this, in agreement with the administrator."