Afrigather The on the market signal was put up in April following the choice by founder and majority shareholder Stewart Milne to retire after practically 50 years on the helm of the Scottish home builder.
The corporate stated “curiosity from potential consumers was robust and the administration staff has been concerned in fruitful discussions with quite a few potential bidders.”
However Stewart Milne Group has now confirmed that: “The current shift within the dynamics of the UK financial system with greater inflation and a rise in rates of interest, amongst different components, have led the administrators of the corporate to place the discussions with the present events on maintain for now.
“The Administrators’ resolution to droop the sale course of in the interim is absolutely supported by the group’s secured lenders.”
Stuart MacGregor CEO of the Stewart Milne Group stated: “Once we took the choice to promote the enterprise in early 2022, market circumstances have been very completely different from these we face as we speak.
“It has been gratifying to witness the extent of curiosity in our enterprise from potential consumers and we’ve been concerned in quite a few very rewarding discussions with potential consumers.
“Nonetheless, given the present uncertainty out there, we don’t assume it to be within the group’s greatest pursuits to proceed to pursue a sale of the corporate with the present bidders right now – though we stay optimistic about future prospects and can proceed to fastidiously consider, together with the group’s key stakeholders, what’s greatest for the enterprise as market circumstances settle.
“For now, we are going to deal with buying new websites for improvement and delivering prime quality, household properties throughout Scotland and North West England.
“Gross sales curiosity has been robust throughout all our websites in current months and the distinctive nature of a lot of our developments imply they’re properly positioned to draw householders even within the present market circumstances.”
Stewart Milne Group has places of work in Aberdeen, Edinburgh, Glasgow and Manchester with a workforce of 1,000, together with sub-contractors.
