The construction company Miller Homes, which has ambitious plans to increase its build capacity to 6,000 homes a year, has announced a deal to acquire the Scottish company St Modwen Homes. This is a strategic move aimed at significantly expanding their presence in the UK housing market.<\/p>\n\n\n\n
Miller Homes, based in Edinburgh, announced the acquisition of St Modwen Homes, which has a turnover of \u00a3371 million, subject to regulatory approval in the New Year. The deal is valued at \u00a3215 million.<\/p>\n\n\n\n
This acquisition will provide Miller Homes with a strategic advantage, including 19 active land plots, totaling approximately 3,500 plots for new homes, as well as five key sites that reflect plans for expansion in the southwest of England. The new locations will help Miller Homes access new markets, an important step in their plan to build 6,000 homes annually.<\/p>\n\n\n\n
In order to protect and strengthen their brand, Miller Homes intends to continue using the St Modwen Homes brand, which was known for its innovative approach and high building quality. The strategy is expected to improve construction efficiency and support the growth of the company in a competitive market.<\/p>\n\n\n\n
St Modwen Homes, acquired by the financial conglomerate Blackstone in 2021, demonstrated a stable financial position with a turnover of \u00a3371 million in 2022 and a pre-tax profit of \u00a35.36 million after the sale of 1,313 homes. This has laid the foundation for this new development phase for Miller Homes.<\/p>\n\n\n\n
Miller Homes, in turn, reached a turnover of \u00a31 billion by December 2023, completing 3,585 homes and earning a pre-tax profit of \u00a365.7 million. This performance supports the company\u2019s strategy to enhance competitiveness and expand its capabilities in both domestic and international markets.<\/p>\n\n\n\n
Stuart Lyons, CEO of Miller Homes, said: “We have been impressed with the quality and location of St Modwen Homes\u2019 land plots. This will not only strengthen our market position but also significantly grow and expand our opportunities in new areas.”<\/p>\n\n\n\n
The completion of the deal is expected to take place in the first quarter of 2025, subject to receiving the necessary regulatory approvals. This acquisition is expected to strengthen Miller Homes\u2019 position as one of the leading housing builders in the UK.<\/p>\n","protected":false},"featured_media":5641,"template":"","class_list":["post-5595","news-cu","type-news-cu","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\n