David McLean Group seeks Administration protection |
David McLean Holdings Ltd and its trading subsidiaries (David McLean Contractors Ltd, David McLean Developments Ltd and David McLean Homes Ltd) have today filed for administration. Nick Edwards, Bill Dawson and Carlton Siddle of Deloitte, the business advisory firm, have been appointed as the Joint Administrators.
The Group, which is based on Deeside, is a house builder, building contractor and property developer operating in the North West, the Midlands, South Wales and the South West. It has a turnover of £160m and approximately 320 employees. The Group's head office is based in Deeside, Flintshire, and it has regional operations in Shrewsbury and Cardiff.
The Directors had for some time been endeavouring to secure a consensual restructuring of the Group's financial affairs following the downturn in the residential property market.
Nick Edwards, Joint Administrator, commented: “Whilst the property downturn has impacted the Group’s cash flow, the land and property assets are high quality, and combined with the excellent reputation of the Group, should make the house building division an attractive prospect for potential purchasers. We are continuing to trade this part of the business whilst we seek a buyer.
“The contracting division has struggled to generate a critical mass of profitable contracts, and regrettably we have had to take the decision to close that part of the business, other than retaining a significantly reduced headcount to work with customers to complete or transfer limited works on outstanding contracts.”
- ends -
Notes to editors:
About Deloitte
In this press release references to Deloitte are references to Deloitte & Touche LLP, which is among the country's leading professional services firms.
Deloitte & Touche LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu (‘DTT’), a Swiss Verein, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk\about for a detailed description of the legal structure of DTT and its member firms.
The information contained in this press release is correct at the time of going to press.
Last Updated:
Contacts
- Name:
- Jamie Harley
- Company:
- Deloitte LLP
- Job Title:
- Head of Media Relations
- Phone:
- +44 (0) 20 7303 5037
- jaharley@deloitte.co.uk
