Rebel Miller Group shareholders call in E&Y
Splinter group of shareholders in the UK's largest privately-owned housebuilder hire Ernst & Young to find a buyer for their shares as company suffers
A splinter group of shareholders at the Miller Group has engaged Ernst &
Young to find a buyer for their stakes as the financial markets turmoil hit the
Chief executive Keith Miller has been trying to prevent other family
shareholders from selling their shares to outsiders, but a group of them, led by
his cousin James Miller has appointed the Big Four firm because they believe
that a better price could be secured on the open market.
There has been a long-running row at
Miller as to whether the
company should be broken up or sold, but a recently issued profit warning has
brought the situation to a head.
Chief executive Miller said that the volatility in the financial markets had
discouraged buyers, which would mean that the company’s 2007 full-year profits
would be lower than in 2006.