The housebuilding and construction empire Miller Group may be heading for a sale after members of the Miller family have appointed Ernst & Young to conduct a strategic review of the business.
The move is expected to trigger a sale that could be worth £1.2bn. The group pushing for the review, who are understood to include predominantly second and third-generation family members, has a combined shareholding of 60%. They thought to be keen to cash in on the company’s strong growth, and the consolidation in the housebuilding and property sector.
Changes to capital gains tax due to be implemented in April are also thought to be a motivating factor. Ernst & Young has approached a number of leading housebuilders, banks and private-equity groups.
The company's chief executive, Keith Miller, holds 17% of shares and is not part of the group seeking a review.
Miller was founded in Edinburgh 74 years ago, and now employs about 2,000 people across the UK.
