Stewart Milne Group puts house builder up for sale

Grant Prior 2 months ago
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Stewart Milne Group is selling off the house building business after its founder and main shareholder decided to retire.

Stewart Milne has decided to pursue other ventures after nearly 50 years at the helm
Stewart Milne has decided to pursue other ventures after nearly 50 years at the helm

Stewart Milne, 71, said: “The unprecedented events of the last two years have forced many to re-evaluate and, after considerable soul-searching,

“I have decided that the time is right to step back from the business I founded to prioritise my time for family, friends and other ventures I want to pursue.”

The business is owned by Milne and his three sons.

The group said to realise its growth ambitions “significant investment is required, particularly in the strategic land bank to create future, high-margin development opportunities.

“The group board carefully considered all options with its advisers and came to the unanimous conclusion to investigate a potential sale.”

Ernst & Young will act at advisors during the sale.

Stuart MacGregor, chief executive of Stewart Milne Group, said: “We anticipate attracting a high level of interest from potential buyers who will invest in order to capitalise on the strength of our business and the buoyancy of the current homes market.

“We have one of the strongest sales pipelines in our history and anticipate generating significant sales over the next two years.”

The group sold its timber system operation to the  Donaldson Group last December.

Stewart Milne Group has offices in Aberdeen, Edinburgh, Glasgow and Manchester with a workforce of 1,000, including subcontractors.

Around 20 developments are currently at various stages across Scotland and North-West Englan.

Latest results for the group filed at Companies House for the year to October 31 2020 show a pre-tax loss of £71.5m from a turnover of £269.7m.

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