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McKean in MBO

Glasgow-based construction firm McKean Group has been bought out by two of its directors for an undisclosed seven figure sum.

Joint managing directors David Noar and Mark Fallon completed the takeover with the backing of founding family member, Richard McKean, who will remain chairman.

The building and civils group employs 250 people across its three divisions – McKean & Company and Hudson Group in Glasgow and Mayfield Construction in Liverpool – and the buyout ends 90 years under the control of the McKean family.

Mr Noar said: “The buyout is part of our strategy to build on the sustained success of the past few years and take the company into an even greater phase of growth in the coming years. This is a very exciting time for the business and our people.”

Last year, the firm saw turnover climb two-thirds to £46.7 million although pre-tax profits only edged up £1,000 to £271,796.