Edinburgh housebuilder Miller '˜set for £600m takeover'

Miller Homes is in advanced talks over a takeover deal that would value the Edinburgh-based housebuilder at more than £600 million, it has been reported.

Miller Homes pulled the plug on plans for a stock market float in 2014. Picture: Andrew Smith SG Photography

Sky News said that private equity group Bridgepoint, owner of the Pret A Manger sandwich chain, could strike a deal for the business as soon as this month.

• READ MORE: Miller profits build as buyers play down Brexit fears

GSO Capital Partners, a division of private equity firm Blackstone, has a controlling stake in Miller, which pulled the plug on plans for a £450 million flotation in 2014.

The housebuilder saw its pre-tax profits jump 44 per cent £89.3 million last year, on a 13 per cent hike in revenues to £565m.

• READ MORE: Miller Homes pulls plug on £450m float

At the time of its results, published in March, Miller chief executive Chris Endsor played down the impact of last year’s Brexit vote, saying the company “didn’t miss a beat” during the second half of 2016, with sales “substantially up” on a year earlier.

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He added: “The experience after the vote in June is that we saw a very strong housing market that continued in all of our regions, including Scotland.”

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