Barclays funds David McLean MBO

Elan Homes, a new company established by the management team of David McLean, has acquired the assets of David McLean Homes and Holdings, saving 90 jobs.

A statement issued by Elan said: "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."

The MBO team consists of John Kendrick, Frank Reil, Adrian Bravington and Rob Flood. The team said it would continue with selected developments in the North West, Wales, Midlands and South West.

The statement added: "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."

Deeside-based David McLean collapsed with debts of up to £100m in October. Bank debt of £70m was owed to Barclays Bank, Royal Bank of Scotland and Bank of Scotland Corporate.

An official Elan Homes launch campaign with re-branding of projects is planned for January 2009.

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