Members of the Miller family, who account for a 60% stake in UK's biggest privately owned house building, property development and construction business, Miller group, have appointed accountants Ernst & Young to carry out a strategic review of their holding ahead of an expected sale which could value the business at about £1.2bn.
The push behind the sale is understood to come from mainly second and third-generation family members, including James Miller, a former chairman of the company, TimesOnline reports.
It is understood the group, who has the majority of their personal wealth locked up in the business, are eager to cash in on the company’s strong growth before changes to the capital gains regime next year which would increase their tax bill from the sale.
But Keith Miller, the group chief executive, who controls 17% of the company, is not part of the group, which has fuelled speculations of a brewing family feud.
Further reading:
CGT bonanza ahead of rules changes
Comments
Have your say on this article