Miller Homes ‘in £600m takeover talks’
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Miller Homes was at the centre of renewed speculation over the weekend regarding a proposed sale to a private equity group, though the housebuilder has so far declined to comment on the reports.
Sky News reported on Friday that the Edinburgh-based company was in discussions with Bridgepoint, which owns sandwich chain Pret A Manger.
According to Sky, the parties were closing in on a sale which valued the housebuilder at more than £600 million.
A deal between Bridgepoint and Miller’s shareholders could emerge during the summer, it added.
Speculation over a possible deal with Bridgepoint first emerged in April, although the price tag then had been put at more than £800m.
Last year Miller Homes saw pre-tax profit climb 44% to £89.3m, as revenue grew to £565m. The company completed 2,380 homes across the UK.
GSO Capital Partners, a division of private equity firm Blackstone, has a controlling stake in Miller.
Plans to float the business on the London Stock Exchange were shelved in 2014 due to “market volatility”. It had planned to raise about £140m by selling off at least 40% of the company.
Neither Miller or Bridgepoint have commented on the reports.
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