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UK construction giant snaps up Scots rival for £16million

Miller Construction recently built Union Square in Aberdeen
Miller Construction recently built Union Square in Aberdeen

Scots building giant Miller Group has sold its construction arm to rival Galliford Try for almost £16.6million.

Philip Bowman, chairman of the privately-owned firm, said the sale of would allow it to focus on housebuilding and commercial property.

Galliford Try – owner of Scottish firm Morrison – is paying £16.57m for Miller Construction, which recently built Union Square in Aberdeen.

The deal will see Galliford’s order book double to £2.8billion, but will lead to one-off restructuring costs of £4million as the group seeks to squeeze out annual cost savings of £7million.

Chief executive Greg Fitzgerald said: “We are delighted to announce the acquisition of Miller Construction, achieved at a very good price and with no net cash consideration.

“The acquisition brings together two construction businesses with a strong strategic fit and accelerates our strategy of growth into an improving marketplace.”

Mr Bowman added: “The acquisition of Miller Construction by Galliford Try will provide it with a strong base from which to grow its competitive position and continue to serve its clients.”

Galliford Try said the “tactical acquisition” of Miller Construction, which generated revenues of £409million last year, is consistent with its strategy of “disciplined and selective growth in its construction business, with a particular focus on developing our positions on regional and national frameworks”.

A spokesman added: “The transaction accelerates the growth in construction turnover towards £1.25billion, and increases the 2018 target to circa £1.5billion.

“The acquired order book of £1.4billion doubles the group’s order book to £2.8billion.

“The directors believe that the acquisition price of £16.57million represents a very attractive valuation for Galliford Try.”

Galliford Try is one of three companies picked to build the long-awaited Aberdeen Western Peripheral Route

In a trading update on Wednesday, the firm said the deal would help it towards a record £95.2million this year.