Stewart Milne Group is embarking on a sale process of its housebuilding business, following the decision of its founder and principal shareholder to retire.
Nearly 50 years after founding the group, chairman Stewart Milne is making plans for his retirement and the Board has decided to capitalise on the current strong performance of homes’ sales and favourable market conditions by putting the business up for sale.
Stewart Milne Group, which recently sold its timber frame business to focus on housebuilding in its core markets in Scotland and North-West England, has taken major steps to improve efficiency and profitability to reposition the business for future growth.
The award-winning, independent housebuilding group has delivered one of its best ever financial performances for the year ending 31st October 2021. These accounts will show a dramatic increase in turnover and profits driven by high demand for its family homes.
Stewart Milne Group says that, in order to realise its growth ambitions, significant investment is required, particularly in its 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 LLP ("EY") has been appointed as financial adviser to the group in this process.
Stewart Milne Group has offices in Aberdeen, Edinburgh, Glasgow and Manchester with a workforce of 1,000, including sub-contractors. Around 20 developments are currently at various stages across Scotland and North-West England including Dargavel Village, Shawfair, Haddington, East Linton, Hooton and Congleton.
