Galliford Try acquires Miller Construction for £16.6m

 
Billy Ehrenberg
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Galliford Try announced the acquisition of Miller Construction for £16.6m (Source: Getty)

After posting record group profits yesterday, housebuilder Galliford Try today announced the acquisition of Miller Construction for £16.6m.

Miller, which operates only in the UK, made a £4m loss last year but has exited several loss-making contracts and hopes to return to profit this year.

Galliford and Miller Group have agreed the transfer of Miller Construction with a nil net assets balance, including a cash balance of £23 million.

Greg Fitzgerald, chief executive of Galliford Try, 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.

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