New firm set up by group's former finance director buys housing arm out of adminstration
David McLean Homes, the housebuilder that went into administration in October, has been sold to a company led by its former finance director.
Deloitte, the administrator for David McLean group, confirmed that the group's housebuilding arm has been sold to a new company called Elan Homes, led by former group finance director John Kendrick and backed by Barclays bank.
Nick Edwards, joint administrator, said: 鈥淲e 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.
鈥淓lan 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.鈥�
Deloitte was appointed as administrator over David McLean Homes on 27 October, allowing the busines to continue trading while a buyer was sought. The company operates in the North-west, the Midlands, south Wales and the South-west.
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