Scottish developer Dawn Group’s managing director, Alan Macdonald (pictured), has become the company’s sole owner, in a deal believed to be worth around £10m.
Dawn Group is one of Scotland’s largest privately owned developers and construction firms.
Co-founder and chairman James Walker has decided to sell his 50% share in the company and to take early retirement.
Macdonald will remain Dawn’s managing director.
The takeover deal has been backed by Bank of Scotland Corporate Banking, via an undisclosed financial package.
Macdonald said: “We had been preparing for James’s departure for over a year.
“I was keen to keep my options open concerning the direction of the group and decided not to approach another equity investor.”
The group includes Dawn Homes and Dawn Developments and has over 200 staff in five offices in Prestwick, Glasgow and Edinburgh.
EGi News 21/10/02
