Miller Homes plans to raise £140m from flotation as housing market recovers

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Miller Homes, which has a number of residential schemes in Yorkshire, yesterday revealed that it plans to float, as the UK’s regional housing market recovers from the slump.

The move is expected to raise around £140m as the company sells 40 per cent of itself to investors.

The firm, which will be valued at around £450m, said it will use the cash raised to cut debt and take advantage of future growth opportunities.

Miller Homes has avoided the London housing market and concentrated its operations in central Southern England, the Midlands, the North of England and central Scotland.

The group was founded in Edinburgh in 1934 and initially focused on housebuilding in and around Edinburgh, before expanding into England in the late 1940s.

Miller Homes has 13 “live” sites across Yorkshire and North Nottinghamshire. It recently launched the Harlow One development in Harrogate, and new developments are due to be launched soon in Sheffield, Wakefield, Apperley Bridge and Harrogate.

Chris Endsor, the company’s chief executive, said: “Our distinctive focus and deep knowledge of the regions in which we operate, together with our large and well-located strategic land bank, position Miller Homes to drive strong and sustainable growth.”

Tom Dougherty.

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