25th November 2008

Description of the business and the deal
Dow Schofield Watts has advised the management of David McLean homes on its MBO through Elan Homes.

Elan Homes has been formed by the former senior management team of David McLean Homes, led by former group finance director John Kendrick, and is backed by Barclays Bank.

It has acquired the business for £53.0million from joint administrators Mr Edwards, Bill Dawson and Carlton Siddle, of business advisory service Deloitte, who were appointed over David McLean Homes on October 27.

The company said in a statement: “The management team would like to thank Barclays Bank for their support in providing both equity and senior debt funding, and also the staff at David McLean for their continued work and encouragement during the process.

Elan’s developments are located across Wales, the North West, Midlands and South West.

The management team consists of Mr Kendrick, Frank Reil, Adrian Bravington and Rob Flood.