YTKO launches support in response to the MIDAS crisis

National business support organisation, YTKO, is giving away grants to support SME construction businesses affected by uncertainty caused in the wake of MIDAS Group going into administration.

MIDAS Group, a £290m turnover construction company based in the South West, filed for administration on Friday afternoon after several of its projects halted work.

YTKO are contracted by the UK Government to support small businesses and sole traders with a range of services including business grants, coaching and skills training.

While the future of MIDAS Group remains uncertain the impact on local construction businesses across the whole sector is clear. Tim Jones, Chairman of the South West Business Council, reported that up to 1,000 jobs could be at risk and the move will wreak havoc on small supply chain firms.

Head of Construction and Sustainability at YTKO, Phil Stott, said: “The impact of the MIDAS situation is the latest in a long list of challenges which have been undermining the sector for years. Short term losses have a devastating effect on large businesses in construction – particularly in the context of rising material costs and labour shortages.”

“However, what is not always considered is the impact on small businesses, sole traders and even apprentices who are also facing issues with costs and bills and need support to plan their next move. Fortunately, YTKO has experience of this type of situation and previously we’ve helped individuals who were made redundant when the Honda plant, and its associated supply chain, closed in Swindon.” 

“One potential piece of good news is that we have access to a number of small business and entrepreneurship grants in the South West and West of England, and our focus is on construction! Our support service can help individuals and small businesses who could be affected by the MIDAS news. Whether that is looking at training, seeking grants to help with a change of direction or costs for tools and materials.” 

“As we have so many different services on offer and we are keen to work with individuals to make sure they reach the support which is best suited to them and we are pleased to be holding an event at the Devon Hotel, Exeter on the 15 February, where we will be providing more information on how to access the grants and service.”Interested individuals, small businesses and sole traders can get in touch with YTKO by completing the contact form by clicking here  or by registering for the event here