Stewart Milne Group is up for sale after the housebuilder’s board determined to capitalise on “solid performance and favourable market situations”.
The Aberdeen-headquartered firm revealed that chairman and founder Stewart Milne changed into once planning his retirement and that monetary companies big EY had been appointed to lend a hand catch a purchaser.
Founded within the 1975, the industry grew to a turnover of almost £270m with an moderate headcount of 999 workers within the one year to 31 October 2020. Nonetheless, the firm made a pre-tax loss of £71.5m throughout that duration, which adopted a pre-tax loss of £48.5m within the 16 months to 31 October 2019.
The neighborhood bought its trees body-making industry to Donaldson Group closing one year to point of curiosity more on housebuilding.
Stewart Milne Group claimed to like taken “predominant steps to enhance effectivity and profitability”, insisting that its results for the one year to 31 October 2021 would indicate “a dramatic elevate in turnover and profits”.
To meet its increase ambitions, the industry stated critical funding changed into once required – particularly in its strategic land bank – to manufacture excessive-margin pattern opportunities.
Milne, 71, stated the pandemic had partly brought on his resolution to retire.
“The unheard of events of the closing two years like compelled many to re-overview and, after substantial soul-procuring, I if truth be told like determined that the time is honest to step encourage from the industry I based to prioritise my time for family, company and completely different ventures I need to pursue,” he stated.
“In the closing 18 months, we’ve vastly bolstered the industry with predominant efficiencies and our contemporary homes vary. This formidable overhaul of our designs gives a recent vary of immense, excessive-quality family homes that meet the changing wants of investors. We’re superbly placed to capitalise on the favourable market situations and keep a question to, which can be set to continue within the near-duration of time.”
Stewart Milne Group chief govt Stuart MacGregor stated the firm anticipated to map “a excessive level of curiosity from doable investors”.
“We’ve for sure one of many strongest gross sales pipelines in our historic past and no longer sleep for producing critical gross sales over the next two years,” he added. “With a strategic bank of land, award-a hit trends, our contemporary homes vary, and lately completed investments in contemporary IT programs and in digital transformation, Stewart Milne Group gifts a compelling proposition.
“Our manufacture and manufacture requirements of excellence in creating distinctive and highly orderly communities are a key differentiator, positioning us as a frontrunner in living-making. Nonetheless, with land costs rising, more funding is desired to make a choice out perfect thing about our unrivalled land-procuring for trip and the improvement opportunities readily available.”
As smartly as its Aberdeen head living of job, the neighborhood has bases in Edinburgh, Glasgow and Manchester.
The firm is engaged on about 20 trends all the draw via Scotland and North-West England.
