Miller sale mooted

Building led with news of a spat between Miller Group CEO Keith Miller and the group's family shareholders, many of whom revealed plans this week to sell their stakes to outside investors. The deal could value the company at £1.2Bn, reported Building.

Contract Journal (CJ) broke news of their plans on its website Wednesday, saying that the family members, which hold around 60% of Miller Group's shares through an entity known as the Aligned Shareholder Group, were in talks with 'a handful of potential buyers for the Scottish group's housebuilding and contracting operations. CJ said talks have involved trade rivals and financial buyers, with less than ten parties thought to be interested.

Speaking to Building, Keith Miller said: "We're hugely disappointed that this has been taken into the public arena. It has damaged our family reputation. It is damaging to our business." He owns a 17% stake in the group and is adamant that it will not fall into outside hands. He told Building that under the firm's covenants it was impossible to sell without wider shareholder support. "The group is not for sale," a Miller spokeswoman told Construction News.