One of Scotland’s best-known housebuilders is being put up for sale as its founder is retiring.
Stewart Milne is stepping down from the eponymous Stewart Milne Group, which he formed in 1975.
Milne said: “The unprecedented events of the past two years have forced many to re-evaluate and, after considerable soul-searching, I have decided that the time is right to step back from the business I founded to prioritise my time for family, friends and other ventures I want to pursue.”
The housebuilder operates across Scotland and the north-west of England, with offices in Aberdeen, Edinburgh, Glasgow and Manchester. The company had a turnover of almost £270m in 2020, completing more than 830 homes.
Milne is perhaps better known for spending more than two decades as the chairman of Aberdeen Football Club until the end of 2019.
Last year, SMG sold its timber-frame building division to the Fife-based Donaldson Group. The housebuilding division is thought likely to generate interest from other players in the sector as well as private equity investors.
The group board carefully considered all options with its advisers and came to the unanimous conclusion to investigate a potential sale. Ernst & Young has been appointed as financial adviser to the group in this process.
Stewart Milne Group chief executive Stuart MacGregor added: “We have one of the strongest sales pipelines in our history and anticipate generating significant sales over the next two years. With a strategic bank of land, award-winning developments, our new homes range and recently completed investments in new IT systems and in digital transformation, Stewart Milne Group presents a compelling proposition.
“However, with land prices rising, more investment is needed to take advantage of our unrivalled land-buying experience and the development opportunities available.”
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