Aberdeen-based housebuilder to focus on buying new sites and delivering more homes
Scottish housebuilder Stewart Milne has halted the sale of its business because of “the recent shift in the dynamics of the UK economy”.
The firm said interest from prospective buyers had been “strong”, but it would now focus on acquiring new sites for development and delivering homes.
Stuart MacGregor, chief executive of the group, said: “It has been gratifying to witness the level of interest in our business from potential buyers and we have been involved in a number of very rewarding discussions with potential buyers.
“However, given the current uncertainty in the market, we do not think it to be in the group’s best interests to continue to pursue a sale of the company with the current bidders at this time – although we remain optimistic about future prospects and will continue to carefully evaluate, along with the group’s key stakeholders, what is best for the business as market conditions settle.”
But, since then, the “recent shift in the dynamics of the UK economy”, such as higher inflation and an increase in interest rates, has led the directors to decide this is not the right time to sell. Directors were in “fruitful discussions with a number of potential bidders”, but these are now on hold, the firm said in a statement.
MacGregor added: “For now, we will focus on acquiring new sites for development and delivering high quality, family homes across Scotland and North West England. Sales interest has been strong across all our sites in recent months and the unique nature of many of our developments mean they are well placed to attract homeowners even in the current market conditions.”
The decision has been “fully supported by the group’s secured lenders”, the firm said.
No comments yet