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David McLean posts £4.9m loss

House building firm David McLean has suffered a loss of £4.9 million in the year ending 30 June 2007.

This resulted in the highest paid director taking a pay cut of more than half a million pounds to £475,000.

The Flintshire-based company blamed the circumstances on bad debt and irrecoverable work in progress from a company that has gone into liquidation.

It also said that the collapse of a crane at a Liverpool site in January 2007, which resulted in the death of ground worker Zbigniew Swirzynski, led to losses because work at the site had to be stopped for 26 weeks.

The firm cut staff by almost 100 to 483, with the majority going from the construction side of the business.

Turnover remained steady at £245,108 slightly down on the previous year’s £279,162.