FINANCE: Scottish housebuilder Miller Group has pulled plans for a £140m IPO due to “volatility” in the financial markets.
The developer, which is 55% owned by Blackstone subsidiary GSO Capital, announced its plans to list on the London Stock Exchange last month.
Miller Group had planned to use proceeds from the IPO to pay down debt and fund expansion.
A company statement this morning said: “In light of the recent financial markets volatility, the shareholders of Miller Group have elected not to proceed at this time with a public offering of Miller Homes. The shareholders are excited to support Miller Homes in its next phase of growth as the company builds upon the momentum evidenced in its recent operational and financial results.”
sophia.furber@estatesgazette.com
