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Creditors of collapsed builder Mid Group have granted administrators an extra six months to investigate the firm鈥檚 transactions.

Investors owed money by the stricken offsite specialist, which went under in July last year, made no objection to accountant Cowgills鈥� request to add a third administration period and report to the usual two six-month periods.

In its latest report, Cowgills said it deemed the extension necessary to enable administrators to continue their investigations into 鈥渃ompany transactions involving connected parties鈥�.

Administrators are required to undertake Investigations into company transactions to comply with legislation including the Company Directors鈥� Disqualification Act, and these may not bring any financial benefit to creditors.

Cowgills has already submitted its confidential report into the conduct of Mid Group鈥檚 directors to the Department of Business, Energy and Industrial Strategy.

But administrators Jason Elliott and Craig Johns said their investigations had 鈥渞evealed that several transactions made by the company require further investigation鈥�.

It added these come 鈥渁longside other matters which we do not wish to currently disclose for confidentiality reasons, as not to jeopardise our investigations鈥�.

The accountant said an update would be provided to creditors 鈥渨hen we believe it is appropriate to do so鈥�.

Mid Group, now known as Mid Holding Co UK Limited, had a turnover of 拢56m in its most recently filed accounts for the 2020 financial year, with a pre-tax loss of 拢2.5m.

Its collapse follows rapid growth for the firm, which was only formed in 2014. It has described itself as one of the UK鈥檚 鈥渇astest-growing construction companies鈥� and as a 鈥渓eading offsite construction, consultancy and development businesses.鈥�

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Cowgill鈥檚 second report also revealed Mid Group was owed more than 拢60m from its collapsed subsidiaries.

This includes 拢48m from Mid Contracting and Consulting, which is in administration, 拢7m from Mid Group (West) Limited, which is in liquidiation, and 拢14,000 from Mid Group Services, which is also in liquidation.

Of the firm鈥檚 secured creditors, one is currently owed around 拢1.5m, believed to be private bank Coutts, while there are 73 outstanding claims from unsecured creditors worth a total of more than 拢24m.

Elliott and Johns are also seeking to recover a 拢500,000 paid as a deposit to a contractor for works which were never completed. The report says it is understood a commercial settlement may be required in this instance and it is not certain how much of the deposit will be retrieved for creditors.