Construction pair in pounds 1m business buyout; Scottish group bought.

Byline: BY ALISTAIR HOUGHTON Daily Post Business Staff

TWO directors at Kirkby's Mayfield Construction have led a buyout of their Scottish parent group.

David Noar and Mark Fallon have bought control of the Glasgow-based McKean Group from its founding family in a deal worth almost Elm.

The pair, who were backed by founding family member and chairman Richard McKean, say the group is well set for growth despite tough market conditions.

McKean employs 250 people across its three divisions - Knowsley Industrial Park-based Mayfield with Glasgow-based Hudson Group and McKean & Company.

Local construction projects include a pounds 6.2m new office block for Neptune Developments at Liverpool Science Park, while its streetscape team is working on the pounds 6.2m Focal Point regeneration partnership with St Helens Borough Council.

The group's turnover rose from pounds 21m in 2005 to pounds 28.5m in 2006. Full year results for 2007 are due to be announced shortly, but in its March trading update it said all divisions were performing well despite a fiercely competitive market.

Dave Noar, who became general manager at Mayfield Construction in 2000, 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.

"With an emphasis on organic growth, further controlled expansion is planned. The group is keen to identify other opportunities that will give the company even greater scale and industry expertise."

Mark Fallon, who joined Mayfield Construction as commercial manager in 2001, said: "In spite of an anticipated downturn in the current economic climate, we are progressing well and our forthcoming results for 2007 will show further advances."

The group was founded in Scotland in 1918 as McKean & Renwick, Railway and Public Works Contractors. Its headquarters will remain in Scotland.

Chairman Richard McKean, from the third generation of the founding family, will retain a minority shareholding. He said he agreed the buyout as no other family members wanted to take on the business.

He said: "Dave and Mark are more than capable of taking McKean Group to even higher achievements, and I'm confident the business is in safe hands."

All divisions are doing well

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CAPTION(S):

David Noar, left, and Mark Fallon, directors at Mayfield Construction, who have bought out McKean Group