拢371m-turnover business set to be snapped up by Scottish housebuilder
Miller Homes has agreed a deal to buy St Modwen Homes to help it hit a target of building 6,000 homes a year
Edinburgh-based housebuilder Miller announced the acquisition of 拢371m-turnover St Modwen on Friday, subject to regulatory approval in the new year. The value of the deal is thought to be worth 拢215m.
The purchase means 19 live sites, totalling around 3,500 plots for new homes, along with five strategic sites, will transfer to Miller, giving it a presence in the south west of England for the first time. Miller will continue to operate the brand under the St Modwen name.
St Modwen, acquired by Blackstone in 2021, posted turnover of 拢371m in the year to December 2022, making a pre-tax profit of 拢5.36m after selling 1,313 homes.
Miller turned over 拢1bn in the year to December 2023 and completed 3,585 homes, generating a pre-tax profit of 拢65.7m.
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Stewart Lynes, chief executive of Miller Homes, said: 鈥淲e were attracted to the quality and location of St. Modwen Homes鈥� land, helping us grow and expand to new areas.鈥�
The deal is subject to regulatory approval and is expected to close in the first quarter of 2025.
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