Miller Homes has agreed a deal to buy St Modwen Homes to help it hit a target of building 6,000 homes a year
Edinburgh-based housebuilder Miller announced the acquisition of £371m-turnover St Modwen today, subject to regulatory approval in the new year.
The deal means 19 live sites, totalling around 3,500 plots for new homes, along with five strategic sites, will transfer to Miller, giving it a presence in the south west of England for the first time. Miller will continue to operate the brand under the St Modwen name.
St Modwen, acquired by Blackstone in 2021, posted turnover of £371m in the year to December 2022, making a pre-tax profit of £5.36m after selling 1,313 homes.
Miller turned over £1bn in the year to December 2023 and completed 3,585 homes, generating pre-tax profit of £65.7m
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Stewart Lynes, chief executive of Miller Homes, said: “We are committed to growth and playing an important part in addressing the housing shortage. We were attracted to the quality and location of St. Modwen Homes’ land, helping us grow and expand to new areas.
The deal is subject to regulatory approval and is expected to close in the first quarter of 2025.
Source: Housing Today