Ninety jobs have been saved with the sale of the housebuilding division of Flintshire-based David McLean group to a new company.
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 an undisclosed sum 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 administrators continued to trade the homes business as attempts continued to find a buyer but the lossmaking contracting division of David McLean was closed last month.
The group as a whole employed 320 staff, around 120 of them at its Deeside headquarters, but 134 were made redundant last month, most of them in the contracting side. The sale to Elan Homes has saved just over a quarter of the jobs in the former group.
A spokesman for Elan homes said the new company, which will be based on Deeside, was delighted to have acquired the assets of David McLean Homes and Holdings, saving around 90 jobs from the threat of redundancy.
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.
“Further details of the plans for the future will be given in due course with an official launch planned for January 2009.”
But Elan cautioned: “The housing industry is still facing some tough conditions, however, with the combined steps taken by the Bank of England and the Government we are confident this will result in a return of some sensible levels of mortgage lending and increased consumer confidence over time.
“We are very positive about the future. We have some fantastic schemes and although we won’t see the high levels of sales we did two years ago, Elan Homes will be in the right position to maintain this level of trade until the market returns.”
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. The managemen tteam were advised by Dow Schofield Watts.
Source: Liverpool Daily Post.co.uk