BoS takes stake in family-owned Miller Group
The Bank of Scotland has taken a minority equity investment in The Miller Group, the UK's largest privately-owned property business.
The investment is the most significant financial transaction in the group's 74-year history and is a combination of both equity and debt.
"When we needed to find a strong shareholder to partner our business, BoS was the first port of call," said Keith Miller (pictured), group chief executive of The Miller Group. "They clearly understand our business and have the confidence to invest through the cycles, for the long term. I am delighted with this outcome and welcome them as a valued equity investor."
The group said that BoS was supportive of the current strategy being pursued by Miller's board.
News of the investment follows a difficult period for the firm. A family dispute around the sale of shares led by former chairman James Miller, Keith's cousin, hit the headlines in December 2007, but was resolved earlier this year (click here to read more).
The Miller Group, which has a turnover of $2 billion, is active in housebuilding, property development and construction. The firm has said it intends to grow organically, geographically and potentially through acquisitions following the investment.