Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

M J Gleeson finance director to step down

M J Gleeson's finance director Colin McLellan will retired from the board after 28 years' service at the company's Annual general Meeting in January.
Mr McLellan will be replaced by Paul Wallwork who was most recently managing director of Inchcape Automotive.

Gleeson announced in October that its building arm - which it sold to its management in August - lost over £51 million in 2004.

Building boss Martin Smout and commercial director Peter Stone led the MBO team. who jointly funded the deal along with money from M J Gleeson.

The board considered a number of options but said there was no market appetite for a trade sale and closing the operation would have left it open to more losses and risk.

Profits from the M J Gleeson group's continued operations offset losses, which recovered to a £13.2 million deficit in the year ending June 30 2005, compared to a pre-tax profit of £17.6 million at the time of its final results last year.

Turnover including the construction arm fell 9 per cent to £590 million from £645 million at the same stage last year, but turnover excluding construction's contribution rose 25 per cent to £419 million, and pre-tax profits increased 57 per cent to £43.7 million.

Contact the newsdesk