Housebuilder Stewart Milne Group for sale as founder retires

Stewart Milne's role with Aberdeen FC saw him rub shoulders with former manager Sir Alex Ferguson

Housebuilder Stewart Milne has gone up for sale, following the retiral of its founder after almost 50 years.

North east-based entrepreneur Stewart Milne started the business as a former electrician in 1975.

The firm has offices in Aberdeen, Edinburgh, Glasgow and Manchester and a workforce of more than 1,000 people.

Mr Milne, 71, who was previously chairman of Aberdeen FC, said it was time to move on from the business and focus on other aspects of life.

He said: "The unprecedented events of the last two years have forced many to re-evaluate.

"After considerable soul-searching, I have decided that the time is right to step back from the business I founded to prioritise my time for family, friends and other ventures I want to pursue."

• Jobs threatened as housebuilder restructures

• Aberdeen chairman Milne to step down

Mr Milne is the principal shareholder of Stewart Milne Group. He was awarded a CBE for services to construction in 2008.

He announced in 2019 he was stepping down from his post at Aberdeen FC, a position he held at the club for 22 years.

The housebuilder expects significant interest

The Stewart Milne Group was hit hard by the pandemic, which saw construction companies forced to down tools between the end of March and the end of June 2020.

In the year to 31 October 2020, the company recorded a pre-tax loss of £71.5m on turnover of £269.7m.

The group recently sold its timber frame business to focus on housebuilding in its core markets in Scotland and north west England.

About 20 housing projects are at various stages of development, including Dargavel Village, Shawfair, Haddington and East Linton.

Mr Milne said: "We are superbly placed to capitalise on the favourable market conditions and demand which are set to continue in the near-term."

The company said there was high demand for its family homes and that it expected there to be significant interest in the sale.

Stewart Milne Group chief executive Stuart MacGregor said: "We anticipate attracting a high level of interest from potential buyers who will invest in order to capitalise on the strength of our business and the buoyancy of the current homes market."

Second retirement

Mr Milne's departure came as another high-profile Aberdeen-based businessman announced his intention to retire.

Wood Group chief executive Robin Watson is to leave the engineering giant after more than six years in the role.

He joined the board in January 2013 as head of Wood's PSN division, and also served as chief operating officer.

In a statement, Mr Watson said: "When I think back to the business I joined, it was largely focused on the North Sea and Gulf of Mexico and was almost entirely an upstream oilfield services business.

"I reflect with pride on the business we have now and the opportunities we continue to unlock in some very exciting and relevant energy markets: carbon capture, hydrogen, bio-refining, minerals processing, solar and wind energy - all alongside our well-established conventional energy business, helping our clients on their own transition journeys."

He will remain in his role until a successor is appointed.