The takeover of Wallace Land Investments and Management will accelerate the expansion of Miller’s strategic landbank and its plans to deliver 5,000 homes per annum over the medium term.
Wallace was founded in 2009 and, over the years, has expanded into England with a particular focus on the north west, West Midlands and the south of England. The business is said to have a strong track record in the delivery and promotion of strategic land and “delivering positive outcomes for local communities”.
Financial details surrounding the acquisition have not been disclosed.
The deal will increase Miller Homes’ strategic landbank by adding a further 41 sites bringing the group’s total to 119 sites. The total number of plots will increase from about 20,500 to some 38,000.
Miller said the geographic distribution of Wallace’s landbank was complementary to its own “strong regional presence” and is split between Scotland and England.
As part of the acquisition, staff from Wallace will join Miller Homes.
Jason Wallace, owner of Wallace Land Investments and Management, said: “Over the past 12 years, we have created a highly successful business with a team of exceptional people and one which has been founded on delivering a truly personal service to all we work with.
“We have known the senior team at Miller Homes for a number of years and have great respect for the company and its reputation within the homebuilding industry. Importantly, they share our core values of delivering excellence, so we are delighted to become part of their business and are confident this is the right home for Wallace.”
Stewart Lynes, chief operating officer of Miller Homes, said Wallace was a business “we have long admired”.
He added: “Land is the lifeblood of our business, and this acquisition almost doubles the size of our high quality strategic landbank and brings to our business a well-located landbank with strong planning prospects.
“We are also looking forward to welcoming our new team members from Wallace, who have a strong track record of unlocking asset value.
“This investment demonstrates our confidence in the housing market, which has remained incredibly resilient, and our commitment to the long-term value creation of our business.
“As we emerge from the pandemic, our strong presence in key regional locations combined with our outstanding product and customer service offering means we are well positioned to satisfy ongoing demand for high quality family homes and reach our goal of completing 5,000 homes per annum in the medium term.”
The housebuilder, which has about 1,000 employees, completed a total of 2,620 homes last year. It operates across three divisions – Scotland (625 completions), North of England (1,021 completions) and Midlands & South England (974 completions).
Earlier this week, fellow Scots housebuilder Stewart Milne Homes said it was targeting some £550 million in revenues with the rollout of a new range of homes to meet the “changing needs of buyers”.
The Aberdeen-headquartered group said it was at the forefront of a “step-change” in the design of the communities in which its newly designed homes will be launched.