Miller Homes has completed the acquisition of 19 active sites comprising approximately 3,500 plots, along with five additional strategic sites.
This move marks Miller’s entry into the South West region for the first time, while also strengthening its presence in the Midlands and Southern regions of the UK.Reports Contract Journal
Under its previous ownership by Blackstone, St. Modwen Homes reported revenues of £368m and a modest pre-tax profit of £5.3m for the 2022 financial year. In comparison, Miller Homes, owned by US investment firm Apollo, achieved revenues exceeding £1bn and a pre-tax profit of £162m over the same period.
Miller Homes plans to retain the St. Modwen Homes brand and will establish a new regional office in the South West of England to support its expanded operations.
Miller Homes CEO, Stewart Lynes, 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.
“Through operating St. Modwen Homes under its brand, we can continue to deliver choice to the market, while maintaining our commitments to quality, sustainability and the customer experience.”