The three largest shareholders of BCM Holdings Ltd. have purchased the company's construction and mill business.

BCM Holdings president Mr. Alan Burland, chairman Mr. John Burland and senior manager Mr. George Ratteray will first buy the majority stake in BCM McAlpine Ltd. which in turn will acquire BCM Holdings' construction, mill and office equipment and its inventories.

The three buyers have some 45 percent of the shares in the widely held private company.

After unanimous agreement to the plan at board level, shareholders at agreed to the deal at the November 27 annual general meeting. Mr. Burland said that there were no objections.

The shareholders voted in July 1994 to dispose of all of the company's assets and distribute the proceeds. This is the most significant development in that plan, and one that took six months to put together.

In fact, the president conceded that the dismantling and planned sell-off of the company has been a slow process.

"Invariably,'' he said, "it never goes fast enough. It's a complex business and you wouldn't find people who would come along and take it all. Elements of it had to be sold separately, and we needed a plan that would allow employees some continuity of employment.

"We had clients wondering if we were in business or going out of business. It was a very uncomfortable period. It's been a poor market since 1990, and it looks like it could be improving now. It hasn't popped out yet, but it is improving.'' Mr. Burland said that the buy-out will bring a significant return to BCM Holdings Ltd. shareholders, after no dividends have been paid since 1990. BCM Holdings Ltd. itself will remain a sizeable company through its real estate interests and other assets yet to be sold.

The shareholders will receive cash for the sale of the company's core business, although the company is not saying how much.

But the shareholders will also draw returns from leasing the St. John's Road site to BCM McAlpine. They also can derive benefit from the sale of company land in the Turks & Caicos Islands.

Just two months ago BCM sold their 60 percent shareholding in Bermuda Building Specialties, which does quarrying, marble, epoxy and water coating. The company, which emerged from the long-time firm, Burland, Conyers & Marirea Ltd., also still has an investment portfolio of shares in other local firms.

Mr. Burland said,"It's a win-win situation for shareholders and employees. If any of the other assets sell to interested groups, then shareholders still derive further benefit.'' The changes become effective January 31, when Burland, Conyers & Marirea Ltd.

and BCM Builders' Supplies Ltd. will cease to operate. BCM McAlpine Ltd. will begin operating its mill and builders' supplies business from February 1, 1996, and will take over all construction within the group.

The original construction company was formed by Mr. John Burland's father, Mr.

Gordon Hamilton Burland in 1926.

BCM McAlpine is a 60/40 enterprise BCM entered into during the spring of 1984 with the 130-year old Sir Robert McAlpine Ltd., one of Britain's largest and most respected construction firms.

BCM McAlpine was formed to bid on major construction projects like the Bermuda Financial Centre Ltd., eventually losing out to another firm.

The president said, "There are some 50 staff. At the end of January, they will cease to be employees of BCM and on February 1, they will be re-hired as employees of BCM McAlpine. The staff are aware of the changes and we have sent out letters to thousands of our clients and suppliers.'' Mr. John Burland took over the company in 1952 as president and managing director.

Mr. Burland's son, civil engineer Mr. Alan Burland, who has been the president since 1986. Like his father, he spent years working in the family business before moving into an executive's chair.

Mr. Ratteray has provided yeoman service to the corporate group, having been employed there since 1948 and has been mill manager since 1984.

Mr. Alan Burland