Directors David Noar and Mark Fallon take over Scottish contracting group including Mayfield Construction and Hudson Group for close to £1m
Two directors have secured a management buy-out of Scottish contractor McKean Group.
David Noar and Mark Fallon completed the takeover for a sum “approaching seven figures”, according to McKean.
The company employs 250 people across three divisions: McKean & Company and Hudson Group in Glasgow, and Mayfield Construction in Liverpool. The group recorded a turnover of £45.7m for the year ending 31 December 2007, with pre-tax profit of £271,796.
Among its key contracts are a £10m-plus civil engineering project with Midlothian Schools, a £6.2m office block in Liverpool and a £7m flooring project at Queen Elizabeth Hospital, Birmingham.
The MBO ends 90 years of family control over the firm. Richard McKean, the group's chairman, said: “Over the years, I've worked closely with Dave and Mark and know that they're very experienced industry operators. They are more than capable of taking McKean Group to even higher achievements in the coming years.”