The former finance director of £73m–turnover family-run housebuilder McCann Homes has bought out the chief executive as part of a major restructure

Bob Green has bought a 55% stake of the Midlands-based company, which is part-owned by the Bank of Scotland, from James McCann. Green is now chief executive of the firm. He said the move was part of a wider deal to restructure the group’s £70m debt. Business development director Ed Barnes has also left.

Green said: “The same time as we restructured the debt we came to a mutual agreement over ownership. James has decided to go off and do a separate thing.”

Green declined to say how much he had paid for the stake or the nature of the restructuring.