MINERVA BIDCO LIMITED

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

1. MINERVA BIDCO LIMITED 2018-04-04 → present
2. DMWSL 880 LIMITED 2018-03-27 → 2018-04-04

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Company has access, if needed, to funding from its intermediate holding company Minerva Equity Limited ("the Group"), which has confirmed its intention to support the business for a period of at least twelve months from the date of approval of these financial statements. The Directors have undertaken the going concern assessment for the Group for a minimum of 12 months from the date of signing these financial statements. Accordingly, based on the Group's financial and liquidity projections, the maturity and portability of the long-term debt, the expectations of no significant changes to the business plan, and the current expectations of the Directors about the prospects of the Group, the financial statements have been prepared on the going concern basis.”

Group structure

1. MINERVA BIDCO LIMITED · parent
   1. Thor Topco Limited 100% · England and Wales · Holding company
   2. M Group Services Limited 100% · England and Wales · Holding company
   3. MGS Energy Limited 100% · England and Wales · Holding Company
   4. Alsace Bidco Limited 96.2% · England and Wales · Holding Company
   5. Agility Impact Holdings Limited 100% · England and Wales · Holding Company
   6. Agility Eco Services Limited 100% · England and Wales · Environmental consulting
   7. Agility Survey Limited 100% · England and Wales · Environmental consulting
   8. Bierce Surveying Limited 100% · England and Wales · Environmental consulting
   9. Morrison Energy Services Limited 100% · England and Wales · Holding company
   10. Seeka Limited 100% · England and Wales · Revenue Protection Service
   11. Morrison Energy Services (Transmission Networks) Limited 100% · England and Wales · Overhead line services
   12. Morrison Data Services Limited 100% · England and Wales · Data handling and processing
   13. Callisto Data Limited 100% · England and Wales · Data handling and processing
   14. Protect My Property Services Limited 100% · England and Wales · Security repair and installation
   15. MGS Water Limited 100% · England and Wales · Holding company
   16. Z- Tech Control Systems Limited 100% · England and Wales · Supply & design of instrumentation & control systems
   17. IDS Holdings Limited 100% · Scotland · Holding company
   18. ID Systems UK Limited 100% · Scotland · Electrical installations
   19. Morrison Water Services Limited 100% · England and Wales · Utility contracting
   20. Planned Maintenance (Pennine) Limited 100% · England and Wales · Pipeline leakage, engineering and rescue services
   21. I&C Process Solutions Limited 100% · Scotland · Supply & design of wastewater solutions
   22. M Group Services Plant & Fleet Solutions Limited 100% · England and Wales · Renting and leasing of machinery and equipment
   23. M Group Telecoms Limited 100% · England and Wales · Holding company
   24. Avonline Network Services Limited 100% · England and Wales · Telecommunications network build and installation services
   25. Magdalene Limited 100% · England and Wales · Telecommunications services and consultancy
   26. Morrison Telecom Services Limited 100% · England and Wales · Telecom services
   27. Waldon Telecom Limited 100% · England and Wales · Mobile telecoms infrastructure
   28. M Group Transport Limited 100% · England and Wales · Holding company
   29. Antagrade Electrical Limited 100% · England and Wales · Electrical engineering
   30. Dyer and Butler Limited 100% · England and Wales · Civil engineering
   31. KH Engineering Services Limited 100% · England and Wales · Civil engineering
   32. Milestone Infrastructure Limited 100% · England and Wales · Civil engineering
   33. Alto Energy Limited 15% · England and Wales · Wholesale of hardware, plumbing, heating equipment and supplies
   34. BGEN Limited 100% · England and Wales · Holding company
   35. BGEN Technology Limited 100% · England and Wales · Other engineering activities
   36. BGEN Project Services Limited 100% · England and Wales · Other engineering activities
   37. BGEN Clean Energy Limited 100% · England and Wales · Other engineering activities
   38. Building Engineering Solutions Limited 100% · England and Wales · Technical engineering services
   39. Norwood Group Limited 100% · England and Wales · Construction and installation services
   40. BFP Services Limited 100% · England and Wales · Other engineering activities
   41. Satisfy Recruitment Services Limited 100% · England and Wales · Employment agency services

Significant events

• “In April 2025 the groups Revolving Credit Facility (RCF) was successfully increased to £185m. The Group's Committed Acquisition Fund (CAF) was also increased to a total of £340m across two lenders.”
• “On 19 May 2025, the ultimate UK parent company, Midas Midco Limited changed its name to M Group Limited.”
• “On 23 September 2024, M Group Limited (formerly Midas Midco Limited), via its 100% owned subsidiary Midas Bidco I Ltd, acquired 100% of the ordinary share capital of Minerva Equity Limited, from Blueprint Investments Sarl (Luxembourg). The ultimate parent undertaking of Midas Bidco I Limited is CVC Capital Partners.”
• “The Company successfully up-sized the Revolving Credit Facility (RCF) on 23 September 2024 to £139.5m (2024: £103.0m).”
• “Performance bonds in issue at 31 March 2025 was £23.6 million (2024: £17.2 million).”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  —

  Not reported

• Net assets

  -29.6%

  -£170,000,000 → -£220,400,000

• Employees

  -16.7%

  6 → 5

• Operating profit

  -178.3%

  -£2,300,000 → -£6,400,000

• Profit before tax

  -4.8%

  -£63,100,000 → -£66,100,000

• Wages

  +27.8%

  £1,800,000 → £2,300,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers