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Construction News
20/11/2007
'Family Feud' Leads To Housebuilders Break Up
The UK's largest privately owned house building and property firm looks set to be going on sale after an announcement the owners were reviewing their 60 per cent stake.
The news comes amid speculation of a feud between members of the founding family of the Miller Group, who hold a 60 per cent stake in the firm. Advisers, Ernst and Young, have been reportedly brought in to advise the family on options for their shareholding.
A statement from Miller Group confirmed discussions were in progress with a group of shareholders "who wish to divest of some of their shares in Miller in an endeavour to diversify their investment portfolio".
"It is not clear to the board how many of these shareholders actually wish to sell their shares or at what price."
An outright sale of the company would cost a hefty £1 billion for prospective buyers in order to take on the groups assets and £650 million of debt.
A report in the Sunday Times told of tensions brewing between the group of family shareholders and Miller chief executive and fellow family member Keith Miller, who is not part of the Aligned Shareholder Group.
Keith Miller's direct family, the company's directors and employees own over 36 per cent of the group. There are over 280 employee shareholders at present for whom Christmas will come early this year if the sale of the company goes ahead.
(DW/JM)
The news comes amid speculation of a feud between members of the founding family of the Miller Group, who hold a 60 per cent stake in the firm. Advisers, Ernst and Young, have been reportedly brought in to advise the family on options for their shareholding.
A statement from Miller Group confirmed discussions were in progress with a group of shareholders "who wish to divest of some of their shares in Miller in an endeavour to diversify their investment portfolio".
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"It is not clear to the board how many of these shareholders actually wish to sell their shares or at what price."
An outright sale of the company would cost a hefty £1 billion for prospective buyers in order to take on the groups assets and £650 million of debt.
A report in the Sunday Times told of tensions brewing between the group of family shareholders and Miller chief executive and fellow family member Keith Miller, who is not part of the Aligned Shareholder Group.
Keith Miller's direct family, the company's directors and employees own over 36 per cent of the group. There are over 280 employee shareholders at present for whom Christmas will come early this year if the sale of the company goes ahead.
(DW/JM)
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