Bridgepoint in innovative speak with take control of Miller Residences

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Miller Homes remains in sophisticated talk with be taken control of by the owner of Pret A Manger, it emerged on Friday.

Personal equity company Bridgepoint is stated to be near doing the offer for the housebuilder, which in 2015 made ₤ 89.3 m in pre-tax earnings.

Miller is managed by GSO, a department of Blackstone, while Lloyds and Coller Capital both likewise have stakes in the housebuilder, which develops houses in locations outside London. It came under the control of its loan providers throughout the monetary crisis, after which in 2012 it was reorganized and handled by Blackstone.

Miller developed 2,380 houses in 2015, assisting to increase its pre-tax earnings by 44pc. It has an enthusiastic development strategy to construct 4,000 houses each year by 2020.

The typical market price of among its houses was ₤ 231,000, implying its houses can be acquired using federal government plans such as Help to Buy which enables a 5pc deposit.

Sky News, which initially reported the talks, stated the offer might be worth under ₤ 800m.

Bridgepoint likewise made a deal to take control of the retirement housebuilder McCarthy and Stone in 2015, but was rebuffed.

Miller Homes and Bridgestone had no remark.