Move to buy £371m-turnover housebuilder completes as Edinburgh-based firm targets 6,000 homes a year
Miller Homes has fully completed its acquisition of St Modwen after a regulator gave the deal the green light.
The approval from the Competition and Markets Authority means Edinburgh-based Miller Homes has acquired 19 live sites, totalling 3,500 plots for new homes, along with five strategic sites.
This gives 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.
The acquisition is part of Miller’s medium-term plan to build 6,000 homes a year. The housebuilder Miller turned over £1bn in the year to December 2023 and completed 3,585 homes, generating pre-tax profit of £65.7m
St Modwen, acquired by Blackstone in 2021, posted turnover of £371m in the year to December 2022, making a pre-tax profit of £5.36m after selling 1,313 homes.
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Stewart Lynes, chief executive of Miller Homes, said: “I’m very pleased to welcome the St. Modwen Homes employees, customers and suppliers to the Miller Homes family.
”There is a lot of alignment between the businesses; both hold five-star builder status, and both prioritise quality building and customer experience. I’m excited by the growth.”
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