Scottish housebuilder Miller Homes bought by US asset firm

Miller Homes currently builds about 4,000 homes a year

Scottish housebuilder Miller Homes has been bought by an American asset management firm in a deal thought to be worth £1.3bn.

US-based Apollo is acquiring the Edinburgh company from private equity firm Bridgepoint, which took over the business in 2017 for £655m.

Established in 1934, Miller Homes focuses on regional markets in England and Scotland.

It currently builds about 4,000 homes a year.

It plans to grow that to 6,000 units "in the medium-term".

Under Bridgepoint's ownership, the number of houses sold by Miller per year rose by a third. Revenues now exceed £1bn a year.

Apollo partner Alex Humphreys said: "Miller Homes has a strong presence in suburban locations that continue to see strong consumer demand, and we look forward to working alongside the talented management team to execute on their growth strategy."

Miller Homes chief executive Chris Endsor added: "The past four years have witnessed a period of expansion and strong operational performance for Miller Homes, as well as having to adapt the business in exceptional circumstances.

"We have emerged stronger for it and are very well-placed to achieve our medium-term target of 6,000 units while maintaining the product quality and service for which we are known."