HOUSE-builder Miller Homes is being snapped up by private equity group Bridgepoint in a deal worth £655 million.
Edinburgh-based Miller is one of the largest house-builders in the UK, having completed 2380 properties last year and notching up more than £100 million in annual earnings for the first time in 2016.
It was set up in 1934 and is largely focused on the North of England and Scotland.
Bridgepoint – which also owns sandwich chain Pret A Manger – confirmed its takeover of Miller from GSO Capital Partners, which is part of private equity giant Blackstone.
Miller chief executive Chris Endsor said: “2016 was an outstanding year for Miller Homes, delivering operating profit in excess of £100 million for the first time and outperforming on all key financial metrics for the fifth consecutive year.
“We fully expect 2017 to continue that upward trend.”
Jamie Wyatt, partner at Bridgepoint, said: “The UK regional markets in which Miller operates are in good health, with a positive sales environment and an attractive land- buying market.” He added that the group was well placed “to address future growth in the UK new-build housing market where demand currently outstrips supply”.
The UK’s new-build market is estimated to be worth £35 billion, with around one million new homes needed to meet demand.
The deal comes after Bridgepoint has enjoyed a marked recovery since faltering in the financial crisis. It was taken over by its lenders during the crisis, but has since bounced back.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here