David McLean Homes has been bought by Elan Homes, a new company formed by former senior management at David McLean.
David McLean group finance director John Kendrick last night completed the buyout of the housebuilding division for a reported sum of around £40 million.
Flintshire-based David McLean Group last month plunged into administration with debts of around £100 million. The 65-year-old company’s contracting business was closed and 134 redundancies were made. The buyout of the homes division is understood to save around 90 jobs.
Deliotte administrator Nick Edwards said: “We are delighted to have been able to secure a going concern sale of the housebuilding business to Elan Homes. “This sale will preserve a significant number of jobs, and also represents best value for the creditors of the David McLean Group. Elan Homes has a strong management team, a strong financial base, and we are confident that they will be able to take the business forward on a stable footing. “We are very grateful to all the staff of the David McLean Group for their support during the administration process, and we wish them and Elan Homes every success for the future.”
John Kendrick and the management team were advised by Dow Schofield Watts.