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David McLean debt to run up to £100m

David McLean’s debts are likely to run up to £100 million according to administrators.

The £160 million-turnover building firm plunged into administration yesterday becoming the biggest construction casualty of the credit crunch so far.

The recent property downturn has heaped extra pressure on the Flintshire-based firm which sold just 600 homes and apartments in the 12 months to June.

Regarding the level of debt, administrator Nick Edwards, of Deloitte, said: “It will run into many millions, I would say, getting towards £100m.”

The majority of David McLean’s 320-strong workforce are now likely to lose their jobs.

Mr Edwards added: "There will be a number of job losses, there already have been a number of job losses.

"A lot of it comes down to if we have the ability to sell the homes business as a going concern to preserve jobs.

"The contracting business is a matter we're going to have to deal with."

Related articles: David McLean plunges into administration