Current track



Current show

Through The Night

01:00 06:00

Miller Homes picks Rothschild to build case for £1bn sale

Written by on 01/10/2021

The owner of Miller Homes, one of Britain’s ten largest housebuilders, is preparing to put the business up for sale amid surging valuations in the sector.

Sky News has learnt that Bridgepoint, the private equity firm, has retained Rothschild, the investment bank, to advise on an exit process.

City sources said on Friday that a sale process was unlikely to be launched in the short term, but acknowledged that it was likely at some point in 2022.

An initial public offering will also be considered by Bridgepoint and Miller’s management, they added.

Any deal is likely to value the company at more than £1bn, according to one industry analyst.

Bridgepoint bought Miller in a deal worth about £650m in 2017, with its previous shareholders having included Blackstone and Lloyds Banking Group, the UK’s biggest high street lender.

In results published for the first half of this calendar year, Miller said revenues more than doubled from a year earlier to £525m, reflecting increased completions and a 15% increase in average selling prices to £280,000.

More from Business

The company builds family homes across the UK, and is one of the largest in private ownership.

Many of its rivals, including Taylor Wimpey, Barratt Developments and Persimmon Homes are publicly traded on the London Stock Exchange.

Spokesmen for Bridgepoint and Miller both declined to comment.

 Sky News

© Sky News 2020

Tagged as