Miller's Hough plans to build on Fairclough acquisition

摘要

Top ten housebuilder Miller Homes plans to build 4000 units this year and to grow that figure to 5000 within the next five years. It intends to meet that target by increasing output at its regional offices, but Tim Hough, Miller Homes' chief executive, says the firm may make another purchase to achieve its objective. It is only five months since the company acquired Fairclough Homes, the UK arm of US housebuilder Centex Corporation, for 264m. Although the for-sale sign had been firmly planted in the front garden of the ￡270m-turnover Fairclough Homes, it caused some surprise that Miller, the housebuilding arm of privately-owned Miller Group, was the buyer. The Scottish group had never bought a company of that size before, and the housebuilding division had not made an acquisition for five years. Yet the move was a logical one for Miller, giving it added geographical strength, particularly in the Home Counties where it lacked real presence.