Miller Homes pulls float, blames housebuilders

3rd Oct 2014 13:31

Housebuilder Miller Homes has pulled out of its planned flotation, which had been expected to raise around £140m and would have valued the company at £450m.The group blamed weakness in the sector, noting that on the FTSE 250 housebuilding stocks gauge had declined around 5% between Monday and Friday."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 group explained.It comes after peer Balfour Beatty slumped this week on the heels of another profit warning.