Miller Homes
{{Use dmy dates|date=September 2017}}
{{Use British English|date=September 2017}}
{{Infobox company
| type = Private company
| name = Miller Homes Limited
| logo = Miller Homes logo.svg
| foundation = 1934
| location = Edinburgh, Scotland, UK
| industry = Housebuilding
| revenue =
| operating_income =
| net_income =
| area_served = United Kingdom
| homepage = {{URL|https://millerhomes.co.uk}}
| num_employees =
| parent = Apollo Global Management (2022-present)
| footnotes =
}}
Miller Homes Limited is a privately held housebuilding company based in the United Kingdom.
History
The company was established by Sir James Miller in 1934.{{cite news |url=https://www.insider.co.uk/news/profile-carrying-legacy-firms-family-9889920 |title=Profile: Carrying on the legacy of firm's family-built foundation |date=12 October 2007 |newspaper=Insider |access-date=17 December 2022}} Expansion led to James' brothers, John and Lawrence, joining him in the business.{{cite book |publisher=Miller Homes |title=Diamond Jubilee booklet |year=1994}} Miller soon became Edinburgh's leading housebuilder, building close to five hundred houses per year during the 1930s.{{cite book |last = Wellings |first = Fred |title = Dictionary of British Housebuilders |date = 2006 |publisher = Troubador |isbn = 978-0-9552965-0-5}}
The outbreak of the Second World War led to the company's abrupt cessation of private housebuilding and the start of Miller's construction business, which continued to grow following the end of the conflict. The peacetime return to house construction was largely driven by local authority schemes; it was not until the end of building controls in the beginning of the 1950s that Miller Homes resumed private housing – often using its extensive pre-war land holdings.
Housing operations were later extended to the South East England and Yorkshire.
File:Construction of Privas Court, Wetherby (25th March 2015) 002.JPG, West Yorkshire seen here under construction in March 2016.]]
During May 1996, the company's housing subsidiary in the South of England was sold to Kier Group in exchange for £16 million.{{cite web |url = https://www.constructionnews.co.uk/sections/news/kier-confirms-16m-deal-for-miller-arm-09-05-1996/ |title = Kier confirms 16m deal for Miller arm |website = constructionnews.co.uk |date = 9 May 1996}} By this point, Miller Homes was the largest private construction firm in Scotland.{{cite web |url = https://www.constructionnews.co.uk/sections/news/focus-on-water-and-tunnelling-partnering-jobs-pays-off-for-contracting-business-great-scots-miller-sees-profits-double-24-04-1996/ |title = Focus on water and tunnelling partnering jobs pays off for contracting business Great Scots: Miller sees profits double |website = constructionnews.co.uk |date = 24 April 1996 |first = Aaron |last = Morby }}
During the late 1990s, sales exceeded 1,000 units for the first time. The company's senior management declared their intention for Miller Homes to move into the top ten housebuilders in Britain.{{cite book |title=Annual Report and Accounts |year=1999 |publisher=Miller Homes}} During 1999, the company acquired rival housebuilder Cussins Homes while both Birch Homes and the Yorkshire region of Crest Nicholson were purchased during the following year.{{cite web |url = https://www.constructionenquirer.com/2014/09/23/miller-homes-plans-stock-market-flotation/ |title = Miller Homes plans £450m stock market flotation |website = constructionenquirer.com |date = 23 September 2014}} During April 1999, Miller had also launched a bid to acquire rival house builder Cala Homes to create Britain's largest privately-owned house builder.{{cite web |url = https://www.constructionnews.co.uk/sections/news/contractor-aims-to-take-over-rival-to-create-largest-privately-owned-uk-house-builder-miller-bids-to-grow-with-86m-cala-buy-29-04-1999/ |title = Contractor aims to take over rival to create largest privately-owned UK house builder Miller bids to grow with £86m Cala buy |website = constructionnews.co.uk |date = 29 April 1999 |first = Steve |last = Coulter}}{{cite web |url = https://www.heraldscotland.com/news/12360780.gloves-come-off-in-battle-for-control-of-cala/ |title = Gloves come off in battle for control of CALA |website = heraldscotland.com |date = 27 April 1999}}
In September 2005, the company acquired Fairclough Homes (then building 1,500 houses per year) in exchange for £246 million, which took Miller Homes to its target of 4,000 houses per year and put it into the top ten largest house builders.{{cite web |url = https://www.house-builder.co.uk/news/fairclough-acquisition-puts-miller-into-industry-top-ten-2005-10-01/ |title = Fairclough acquisition puts Miller into industry top ten |website = house-builder.co.uk |date = 1 October 2005}} Shortly thereafter, Miller Homes underwent a restructure of its nationwide operations.{{cite web |url = https://www.house-builder.co.uk/news/fairclough-acquisition-prompts-miller-restructure-2006-01-23/ |title = Fairclough acquisition prompts Miller restructure |website = house-builder.co.uk |date = 23 January 2006 }}{{cite web |url = https://www.building.co.uk/news/reshuffle-at-miller-homes/3061500.article |title = Reshuffle at Miller Homes |website = building.co.uk |date = 20 January 2006}}
During the Great Recession, volumes fell substantially due to the poor economic conditions. In September 2010, Miller Homes recorded a pre-tax loss of £27 million, some of which was attributed to the costly debts it was carrying.{{cite web |url = https://www.building.co.uk/news/miller-suffers-27m-pre-tax-loss/5005335.article |title = Miller suffers £27m pre-tax loss |website = building.co.uk |first = Andrew |last = Hankinson |date = 9 September 2010}}{{cite web |url = https://www.building.co.uk/news/miller-group-sales-down-15/5015018.article |title = Miller group sales down 15% |website = building.co.uk |first = Dave |last = Lowery |date = 16 March 2011}} In April 2011, shortly after rival firm McInerney Holdings' entry into administration, Miller Homes secured a management contract valued at £100 million relating to ten sites previously owned by the failed company.{{cite web |url = https://www.constructionnews.co.uk/contracts/miller-wins-100m-management-contract-20-04-2011/ |title = Miller wins £100m management contract |website = constructionnews.co.uk |date = 20 April 2011 |first = Luke |last = Cross }} Later that same year, the firm launched a partnership with the City of Edinburgh Council to speedily deliver affordable housing.{{cite web |url = https://www.constructionnews.co.uk/sections/news/miller-signs-housing-deal-with-edinburgh-council-27-10-2011/ |title = Miller signs housing deal with Edinburgh council |website = constructionnews.co.uk |date = 27 October 2011 |first = Jack |last = Sidders}}
In July 2014, the company sold its construction division to Galliford Try.{{cite web |url=http://www.scotsman.com/business/companies/galliford-try-buys-miller-construction-for-16-6m-1-3472236 |title=Galliford Try buys Miller Construction for £16.6m |date=10 July 2014 |publisher=The Scotsman |access-date=15 April 2016}}{{cite web |url = https://www.constructionnews.co.uk/sections/news/miller-triples-profit-following-construction-sale-05-05-2015/ |title = Miller triples profit following construction sale |website = constructionnews.co.uk |date = 5 May 2015}} That same year, Miller Homes abandoned a planned floatation on the London Stock Exchange which it had intended to raise about £140m in exchange for a 40 per cent stake in the company.{{cite web |url = https://www.bbc.co.uk/news/uk-scotland-scotland-business-29473083 |title = Housebuilder Miller Homes shelves flotation plan |publisher = BBC News |date = 3 October 2014}}{{cite web |url = https://www.house-builder.co.uk/news/miller-shelves-float-plans-2014-11-02/ |title = Miller shelves float plans |website = house-builder.co.uk |date = 1 November 2014}} Despite this, the firm's management team continued to express interest in a potential floatation in the following years.{{cite web |url = https://www.building.co.uk/news/miller-homes-float-remains-an-option/5075285.article |title = Miller Homes float 'remains an option' |website = building.co.uk |first = Iain |last = Withers |date = 6 May 2015}}{{cite web |url = https://www.constructionnews.co.uk/sections/news/stock-market-float-an-option-for-miller-homes-14-03-2016/ |title = Stock market float 'an option' for Miller Homes |website = constructionnews.co.uk |date = 14 March 2016 |first = Charlie |last = Schouten}} During September 2015, Miller Homes announced revenues of £229.7 million over last six month trading period, a 32 per cent year-on-year increase.{{cite web |url = https://www.constructionnews.co.uk/sections/news/miller-homes-latest-to-post-revenue-hike-10-09-2015/ |title = Miller Homes latest to post revenue hike |website = constructionnews.co.uk |date = 10 September 2015}}{{cite web |url = https://www.building.co.uk/news/miller-homes-profit-soars/5080657.article |title = Miller Homes profit soars |website = building.co.uk |first = Louise |last = Dransfield |date = 14 March 2018}}
In August 2017, Miller Homes was purchased by the European private investment firm Bridgepoint Group via a deal valued at £655 million.{{cite web |url = https://www.reuters.com/article/business/bridgepoint-close-to-buying-british-house-builder-miller-homes-idUSKBN1AH4O4/ |title = Bridgepoint close to buying British house builder Miller Homes |publisher = Reuters |date = 2 August 2017}} During the previous year, it had sold 2,380 homes and reported an operating profit of £103 million, a 31 per cent year-on-year increase.{{cite web |url = https://www.bbc.co.uk/news/uk-scotland-scotland-business-40807683 |title = Pret A Manger owner Bridgepoint buys Miller Homes |publisher = BBC News |date = 2 August 2017}} In May 2021, as part of the firm's wider expansion plans to deliver 5,000 homes per year, Miller Homes purchased Wallace Land Investments to add 41 sites and 17,500 plots to its strategic land bank.{{cite web |url = https://www.housingtoday.co.uk/news/miller-buys-land-firm-to-boost-expansion/5111917.article |title = Miller buys land firm to boost expansion |website = housingtoday.co.uk |first = Joey |last = Gardiner |date = 20 May 2021}}
During April 2022, the company was acquired by the American asset management firm Apollo Global Management in exchange for roughly £1.3 billion.{{Cite news |url=https://www.housingtoday.co.uk/news/sale-of-miller-homes-to-us-private-equity-group-completes/5117073.article |title=Sale of Miller Homes to US private equity group completes |work=Housing Today |access-date=1 December 2022 |language=en-GB}}{{cite web |url = https://www.bbc.co.uk/news/uk-scotland-scotland-business-59784096 |title = Scottish housebuilder Miller Homes bought by US asset firm |publisher = BBC News |date = 24 December 2021}} One year later, it was announced that a £160 million profit had been recorded, a year-on-year rise of 10 per cent.{{cite web |url = https://www.housingtoday.co.uk/news/miller-homes-profit-up-10-under-new-owners/5125211.article |title = Miller Homes profit up 10% under new owners |website = housingtoday.co.uk |first = Joey |last = Gardiner |date = 18 September 2023}}
In December 2024, Miller agreed a deal to buy housebuilder St Modwen Homes (part of the Blackstone-owned St. Modwen Properties group) in a deal worth around £215 million, subject to regulatory approval in early 2025. Acquiring the £371m-turnover housebuilder would give Miller a presence in southwest England, and take Miller towards its target of building 6,000 homes a year.{{cite news |last1=Brown |first1=Carl |title=Miller Homes agrees deal to buy St Modwen as it eyes 6,000 homes a year |url=https://www.building.co.uk/news/miller-homes-agrees-deal-to-buy-st-modwen-as-it-eyes-6000-homes-a-year/5133559.article |access-date=23 December 2024 |work=Building |date=23 December 2024}}
References
{{reflist}}
External links
- {{URL|https://www.millerhomes.co.uk|Miller Homes official website}}
{{Construction industry in the United Kingdom}}
{{Real estate in the United Kingdom}}
Category:2022 mergers and acquisitions
Category:Companies based in Edinburgh
Category:Construction and civil engineering companies established in 1934
Category:1934 establishments in Scotland
Category:Housebuilding companies of the United Kingdom
Category:Construction and civil engineering companies of Scotland
Category:Privately held companies of Scotland
Category:Property companies of Scotland