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Miller Homes

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Miller Homes Limited
Company typePrivate company
IndustryHousebuilding
Founded1934
HeadquartersEdinburgh, Scotland, UK
Area served
United Kingdom
ParentApollo Global Management (2022-present)
Websitemillerhomes.co.uk

Miller Homes Limited is a housebuilder based in the United Kingdom.

History

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The company was established by Sir James Miller in 1934.[1] Expansion led to James' brothers, John and Lawrence, joining him in the business.[2] Miller soon became Edinburgh's leading housebuilder, building close to five hundred houses per year during the 1930s.[3]

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.[3]

Housing operations were later extended to the South East England and Yorkshire. However, the group's emphasis was more on its construction activities at this time, thus its housing sales rarely exceeded five hundred to six hundred per year [when?].[3]

Privas Court, a housing development in Wetherby, 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.[4] By this point, Miller Homes was the largest private construction firm in Scotland.[5]

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.[6] 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.[7]

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.[3][8] Shortly thereafter, Miller Homes underwent a restructure of its nationwide operations.[9][10]

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.[11][12] 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.[13] Later that same year, the firm launched a partnership with the City of Edinburgh Council to speedily deliver affordable housing.[14]

In July 2014, the company sold its construction division to Galliford Try.[15][16] 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.[17][18] Despite this, the firm's management team continued to express interest in a potential floatation in the following years.[19][20] 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.[21][22]

In August 2017, Miller Homes was purchased by the European private investment firm Bridgepoint Group via a deal valued at £655 million.[23] 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.[24] 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.[25]

During April 2022, the company was acquired by the American asset management firm Apollo Global Management in exchange for roughly £1.3 billion.[26][27] One year later, it was announced that a £160 million profit had been recorded, a year-on-year rise of 10 per cent.[28]

References

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  1. ^ "Profile: Carrying on the legacy of firm's family-built foundation". Insider. 12 October 2007. Retrieved 17 December 2022.
  2. ^ Diamond Jubilee booklet. Miller Homes. 1994.
  3. ^ a b c d Wellings, Fred (2006). Dictionary of British Housebuilders. Troubador. ISBN 978-0-9552965-0-5.
  4. ^ "Kier confirms 16m deal for Miller arm". constructionnews.co.uk. 9 May 1996.
  5. ^ Morby, Aaron (24 April 1996). "Focus on water and tunnelling partnering jobs pays off for contracting business Great Scots: Miller sees profits double". constructionnews.co.uk.
  6. ^ Annual Report and Accounts. Miller Homes. 1999.
  7. ^ "Miller Homes plans £450m stock market flotation". constructionenquirer.com. 23 September 2014.
  8. ^ "Fairclough acquisition puts Miller into industry top ten". house-builder.co.uk. 1 October 2005.
  9. ^ "Fairclough acquisition prompts Miller restructure". house-builder.co.uk. 23 January 2006.
  10. ^ "Reshuffle at Miller Homes". building.co.uk. 20 January 2006.
  11. ^ Hankinson, Andrew (9 September 2010). "Miller suffers £27m pre-tax loss". building.co.uk.
  12. ^ Lowery, Dave (16 March 2011). "Miller group sales down 15%". building.co.uk.
  13. ^ Cross, Luke (20 April 2011). "Miller wins £100m management contract". constructionnews.co.uk.
  14. ^ Sidders, Jack (27 October 2011). "Miller signs housing deal with Edinburgh council". constructionnews.co.uk.
  15. ^ "Galliford Try buys Miller Construction for £16.6m". The Scotsman. 10 July 2014. Retrieved 15 April 2016.
  16. ^ "Miller triples profit following construction sale". constructionnews.co.uk. 5 May 2015.
  17. ^ "Housebuilder Miller Homes shelves flotation plan". BBC News. 3 October 2014.
  18. ^ "Miller shelves float plans". house-builder.co.uk. 1 November 2014.
  19. ^ Withers, Iain (6 May 2015). "Miller Homes float 'remains an option'". building.co.uk.
  20. ^ Schouten, Charlie (14 March 2016). "Stock market float 'an option' for Miller Homes". constructionnews.co.uk.
  21. ^ "Miller Homes latest to post revenue hike". constructionnews.co.uk. 10 September 2015.
  22. ^ Dransfield, Louise (14 March 2018). "Miller Homes profit soars". building.co.uk.
  23. ^ "Bridgepoint close to buying British house builder Miller Homes". Reuters. 2 August 2017.
  24. ^ "Pret A Manger owner Bridgepoint buys Miller Homes". BBC News. 2 August 2017.
  25. ^ Gardiner, Joey (20 May 2021). "Miller buys land firm to boost expansion". housingtoday.co.uk.
  26. ^ "Sale of Miller Homes to US private equity group completes". Housing Today. Retrieved 1 December 2022.
  27. ^ "Scottish housebuilder Miller Homes bought by US asset firm". BBC News. 24 December 2021.
  28. ^ Gardiner, Joey (18 September 2023). "Miller Homes profit up 10% under new owners". housingtoday.co.uk.
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