McCann Homes finalises management buy-outNov 21, 2006
Chief executive Terry McCann has retired and his son James, who was managing director, will lead the companyâ€™s growth having taken a significant equity stake in the firm. Non-executive chairman Terry Royden is to remain in post and has also taken an equity stake in the business.
McCann Homes, whose head office is at Furzton Lakes, was founded in 1974 and has become a respected independent housebuilder. It has new developments under construction across the East of England and in London. The company also works closely with housing associations and major national housebuilders to provide affordable housing.
Terry McCann said: “I am delighted that we have been able to complete this transaction which will give McCann Homes the opportunity to continue to grow, providing its customers with the highest quality construction and service.
Business advisers PricewaterhouseCoopers Milton Keynes advised the shareholders of McCann Homes Ltd on a significant investment of capital made by Bank of Scotland Integrated Finance to support the buy-out. Andy Parker, corporate finance specialist at PricewaterhouseCoopers Milton Keynes, said: “We are pleased to have been involved in this deal, supporting the interests of all those involved with this dynamic local housebuilder and helping the business on its way to a future of sustained growth.”
Mr McCann said: “PricewaterhouseCoopers provided sound commercial and strategic advice throughout the transaction and demonstrated tremendous energy and dedication to ensure the process.”
The investment from Bank of Scotland was led by David Hornby.