Investment from Blackstone and RBS to fuel expansion

The Miller Group has completed a £160m refinancing deal, paving the way for expansion of the construction group.

The cash has been raised by Blackstone subsidiary GSO Capital Partners, The Royal Bank of Scotland, Noble Grossart and the Miller management team.

Miller is also refinancing its existing debt, with new five year committed facilities provided by its current banking partners, Lloyds Banking Group, The Royal Bank of Scotland and National Australia Bank.

Chief executive Keith Miller said: “This refinancing gives us an extremely strong balance sheet to continue expansion.

“We are pretty bullish across almost all of the business in terms of recovery - although it will be a steady one.”

Miller added the firm will look to further broaden its construction offering and was positive that the government’s proposed mortgage indemnity scheme would boost its housing division.