Keith Miller pockets £1.1m as builder back to black
MILLER Group’s chief executive saw his pay packet nearly double last year as the Edinburgh-based builder returned to the black after four years of losses.
Keith Miller’s total emoluments – including pay, pension contributions and bonuses – rose by 87 per cent in 2012 to £1.16 million, according to the group’s annual report. During the same period, the company rebounded from losses of £30.4m to a pre-tax profit of £6.6m.
The return to profit, revealed last month, followed a complex financial restructuring at the end of 2011 in which GSO Capital Partners took a majority holding in the formerly family-controlled group. GSO, a subsidiary of US venture capital giant Blackstone, provided a £160m equity injection in return for its 56 per cent stake.