The construction firm behind work on new student accommodation in Gloucester looks to have gone bust.

Midas Group, which is a major contractor in the south west and previously worked on King's Square in the city, has filed a notice of its intention to appoint an administrator, according to a report in Construction News.

The firm is currently engaged to build student accommodation for Hartpury University and Hartpury College in Gloucester, due to open in the summer.

Developed by Cityheart Limited the Blackfriars Residence project had its topping out ceremony in December.

The project is the second phase of the accommodation scheme and follows the first phase, a 295-bed development, which opened its doors to its first cohort of students in 2018.

The part currently undergoing construction involves the creation of a further 190 bedrooms over two blocks, with 128 student spaces in one block and 62 in the second. The residences will be available for students from both the University of Gloucestershire and Hartpury College and University.

Exeter-based Midas specialises in student accommodation, having completed 12 projects in the last five years, with a combined value of £300 million and providing more than 3,000 student bed spaces.

The firm was also responsible for the John Lewis store in Cheltenham and the Next at the Peel Centre.

The company, with an annual turnover of £290 million, says its projects have been affected by Covid, Brexit, and labour and material shortages and inflation.

In a statement the company said: "We are working closely with all our stakeholders to resolve the situation."

Last year the company reported a £2 million pre-tax loss. Chief executive Alan Hope said at the time the firm had 'emerged stronger' from Covid and had 'a strong pipeline' of projects.

Earlier this month work came to a halt on the new Stroud medical practice when Yorkshire building firm P.D.R Construction went into administration.

Concern has been growing about Midas after work halted on a number of its projects including a hotel in Torquay being built for the local council.

Punchline contacted Hartpury University and Hartpury College and the Midas Group for comment.