Sale of housebuilding firm Stewart Milne put on hold

Stewart Milne started the business in 1975

The sale of housebuilding firm Stewart Milne has been put on hold.

North east-based entrepreneur Mr Milne, a former electrician, started the business in 1975.

The sale was announced in April on news of his retiral, but the directors have now put discussions with "interested parties" on hold due to market conditions.

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

The company said the sale being put on hold was due to factors including the "recent shift in the dynamics of the UK economy with higher inflation and an increase in interest rates".

• Stewart Milne Group for sale as founder retires

• Jobs threatened as housebuilder restructures

• Aberdeen chairman Milne to step down

Chief executive Stuart MacGregor said: "When we took the decision to sell the business in early 2022, market conditions were very different from those we are facing today.

"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 what is best for the business as market conditions settle."

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

He was awarded a CBE for services to construction in 2008.