Bank Of Scotland Invests In Miller Group

The Miller Group, the UK’s largest privately owned Housebuilding, Property Development and Construction business announced that Bank of Scotland Corporate has provided a combination of equity and debt and so taken a minority equity investment.

This investment is the key element of the most significant financial transaction in The Miller Group’s long history. The investment has been secured by the Board of Miller and the company’s financial adviser, Noble Grossart Limited.

The Miller Group has grown consistently the three major component activities of the Group over recent years. These three businesses, Housebuilding, Property Development and Construction, provide a broad spread of activity which gives considerable strength through the separate cycles of business activity. These existing businesses are being supplemented too with the Group’s return to opencast coal mining through the commencement of operations by Miller’s mining joint venture in Wales.

The Board will report more fully on the Group’s activities and performance, in a full year results announcement for the year ended 31 December 2007, to be released on Wednesday, 9 April, 2008.

Keith Miller, Group Chief Executive, The Miller Group, comments:
“When we needed to find a strong shareholder to partner our business, Bank of Scotland was the first port of call. The Bank of Scotland clearly understands our business and has the confidence to invest through the cycles, for the long term. I am delighted with this outcome and welcome the Bank as a valued equity investor. I believe they will add a huge amount of value to the Group going forward as we continue to grow the Group organically, geographically and potentially through acquisition. Our relationship with Bank of Scotland is a true partnership.”

Peter Cummings, Chief Executive, Bank of Scotland Corporate, comments:
“We are delighted to support Keith Miller and his management team in this landmark transaction. Miller is one of Scotland’s largest private companies and a highly regarded group, with each of its divisions being leaders in their fields. Bank of Scotland are a through the cycle lender and investor, with this investment demonstrating our understanding of the fundamentals of this Group and the long term dynamics of the sectors in which it operates. At Bank of Scotland we believe in partnership, always back strong partners, and align our interests with those of our partners over the long term. This is a clear demonstration of that objective.”