Stewart Milne Group is up for merchantability aft the housebuilder’s committee decided to capitalise connected “strong show and favourable marketplace conditions”.
The Aberdeen-headquartered institution revealed that president and laminitis Stewart Milne was readying his status and that fiscal services elephantine EY had been appointed to assistance find a buyer.
Founded successful the 1975, the concern grew to a turnover of astir £270m with an mean headcount of 999 employees successful the twelvemonth to 31 October 2020. However, the steadfast made a pre-tax nonaccomplishment of £71.5m during that period, which followed a pre-tax nonaccomplishment of £48.5m successful the 16 months to 31 October 2019.
The radical sold its timber frame-making concern to Donaldson Group past twelvemonth to absorption much connected housebuilding.
Stewart Milne Group claimed to person taken “major steps to amended ratio and profitability”, insisting that its results for the twelvemonth to 31 October 2021 would uncover “a melodramatic summation successful turnover and profits”.
To conscionable its maturation ambitions, the concern said important concern was required – peculiarly successful its strategical onshore slope – to make high-margin improvement opportunities.
Milne, 71, said the pandemic had partially prompted his determination to retire.
“The unprecedented events of the past 2 years person forced galore to re-evaluate and, aft sizeable soul-searching, I person decided that the clip is close to measurement backmost from the concern I founded to prioritise my clip for family, friends and different ventures I privation to pursue,” helium said.
“In the past 18 months, we’ve importantly strengthened the concern with large efficiencies and our caller homes range. This ambitious overhaul of our designs offers a caller scope of spacious, high-quality household homes that conscionable the changing needs of buyers. We are superbly placed to capitalise connected the favourable marketplace conditions and demand, which are acceptable to proceed successful the near-term.”
Stewart Milne Group main enforcement Stuart MacGregor said the steadfast expected to pull “a precocious level of involvement from imaginable buyers”.
“We person 1 of the strongest income pipelines successful our past and expect generating important income implicit the adjacent 2 years,” helium added. “With a strategical slope of land, award-winning developments, our caller homes range, and precocious completed investments successful caller IT systems and successful integer transformation, Stewart Milne Group presents a compelling proposition.
“Our plan and build standards of excellence successful creating distinctive and highly desirable communities are a cardinal differentiator, positioning america arsenic a person successful place-making. However, with onshore prices rising, much concern is needed to instrumentality vantage of our unrivalled land-buying acquisition and the improvement opportunities available.”
As good arsenic its Aberdeen caput office, the radical has bases successful Edinburgh, Glasgow and Manchester.
The institution is moving connected astir 20 developments crossed Scotland and North-West England.