In 1975 Harold Dermott, the ex-Jaguar engineer, brokered a deal with Marcos cars to take over production of innovative little Mini-Marcos. He continued sales of the Marcos, but cleverly used the profits to invest in a new model, inspired by the 1960s original. Dermott commissioned Richard Oakes to design a new body and interior - and in 1978, the result was the appearance of the all-new Midas, launched at the1978 Performance Car Show in London.
The car was updated in 1981, with assistance from Brabham Formula 1 designer Gordon Murray, and made available in three different versions - Gold, Silver and Bronze. The Midas proved surprisingly successful, and in order to meet demand, the company moved to a new factory in Corby, Northamptonshire and the company name changed to Midas Cars Ltd. The Midas range was once again improved in 1985, but all production stopped in March 1989 when the premises were destroyed by fire - and this proved a damaging blow, which Dermott never recovered from. He sold the rights to Pastiche cars - and through a confusing series of ownership changes, the car remains in production in facelifted form today, sold as a kit.